Lufax Holding Ltd. Sponsored ADR (NYSE:LU) Stock Short Interest Declines 92.4%

Lufax Holding Ltd. Sponsored ADR (NYSE:LU) was the target of a significant decline in short interest during the month of October. As of October 30th, there was short interest totaling 428,038 shares, a decline of 92.4% from the October 15th total of 5,642,877 shares. Based on an average daily trading volume, of 762,104 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.5% of the shares of the stock are sold short.

Lufax Trading Down 1.4%

Shares of NYSE LU traded down $0.10 during mid-day trading on Wednesday, hitting $7.11. The company’s stock had a trading volume of 167,581 shares, compared to its average volume of 153,898. The stock has a market cap of $616.31 million, a price-to-earnings ratio of -1.17 and a beta of 0.80. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.69 and a quick ratio of 1.69. Lufax has a one year low of $7.06 and a one year high of $32.10. The company’s fifty day simple moving average is $10.31 and its 200-day simple moving average is $16.57.

Lufax (NYSE:LU) last announced its quarterly earnings results on Wednesday, October 28th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of $10.81 by ($11.08). The firm had revenue of $921.68 million during the quarter, compared to the consensus estimate of $2.22 billion. On average, sell-side analysts anticipate that Lufax will post -1.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lufax

A number of hedge funds and other institutional investors have recently made changes to their positions in LU. Asset Management One Co. Ltd. boosted its stake in Lufax by 8.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 37,853 shares of the company’s stock worth $46,000 after purchasing an additional 2,994 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Lufax by 2.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 246,500 shares of the company’s stock valued at $461,000 after purchasing an additional 6,600 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Lufax by 2.4% in the first quarter. California Public Employees Retirement System now owns 329,089 shares of the company’s stock valued at $615,000 after purchasing an additional 7,608 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Lufax by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 318,365 shares of the company’s stock valued at $595,000 after purchasing an additional 14,224 shares in the last quarter. Finally, StoneX Group Inc. bought a new stake in shares of Lufax in the third quarter valued at about $47,000. 69.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft set a $14.00 price objective on shares of Lufax and gave the stock a “hold” rating in a report on Thursday, August 27th. JPMorgan Chase & Co. raised shares of Lufax from a “neutral” rating to an “overweight” rating and set a $20.00 target price for the company in a research note on Tuesday, July 28th. Zacks Research raised shares of Lufax from a “strong sell” rating to a “hold” rating in a research note on Monday, September 28th. Wall Street Zen lowered shares of Lufax from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Lufax in a research note on Thursday, August 13th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Lufax currently has a consensus rating of “Hold” and an average target price of $17.00.

About Lufax

Lufax Holding Ltd. is a China-based financial technology company that provides technology-enabled financial services. Its platform connects individual and small-business borrowers with financial institutions and other funding partners, helping customers access credit and related services. The company also offers wealth management services, including access to investment products for retail customers. Lufax was established in 2011 as part of Ping An Insurance Group and has developed its business around China’s financial services market.