Lufax (NYSE:LU) Posts Earnings Results

Lufax (NYSE:LU) announced its quarterly earnings results on Tuesday. The company reported ($0.04) earnings per share for the quarter, FiscalAI reports. The company had revenue of $916.61 million for the quarter.

Lufax Stock Performance

Shares of Lufax stock traded up $0.12 during trading hours on Tuesday, hitting $1.57. The company’s stock had a trading volume of 1,277,965 shares, compared to its average volume of 1,312,460. The business has a 50 day moving average price of $1.40 and a two-hundred day moving average price of $1.88. Lufax has a 12-month low of $1.20 and a 12-month high of $4.57. The company has a market cap of $1.36 billion, a PE ratio of -2.01 and a beta of 0.80.

Analyst Ratings Changes

A number of analysts have commented on LU shares. Zacks Research lowered Lufax from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. raised Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 price target on the stock in a report on Tuesday, July 28th. Weiss Ratings reiterated a “sell (d)” rating on shares of Lufax in a report on Thursday. Finally, Wall Street Zen raised shares of Lufax from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, Lufax currently has a consensus rating of “Reduce” and a consensus target price of $2.00.

Hedge Funds Weigh In On Lufax

Several institutional investors have recently bought and sold shares of LU. Amundi lifted its position in Lufax by 76.8% during the first quarter. Amundi now owns 97,223 shares of the company’s stock valued at $282,000 after purchasing an additional 42,236 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Lufax by 32.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 604,823 shares of the company’s stock valued at $1,796,000 after purchasing an additional 148,724 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Lufax by 0.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,343,505 shares of the company’s stock worth $3,990,000 after purchasing an additional 8,236 shares during the period. Geode Capital Management LLC increased its position in shares of Lufax by 3.9% during the 2nd quarter. Geode Capital Management LLC now owns 143,238 shares of the company’s stock valued at $400,000 after purchasing an additional 5,417 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Lufax by 74.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 110,024 shares of the company’s stock valued at $307,000 after buying an additional 47,001 shares during the period. 69.14% of the stock is owned by hedge funds and other institutional investors.

Lufax Company Profile

Lufax (NYSE: LU) is a leading provider of online wealth management and personal finance services in China. Established in 2011 as a spin-off from Ping An Insurance (Group) Company of China, Lufax has developed a digital ecosystem designed to match retail and institutional investors with a diverse array of financial products. The company went public on the New York Stock Exchange in October 2020, underscoring its ambition to expand beyond its domestic market.

The firm’s core business activities include peer-to-peer lending, consumer finance, supply chain and small-business lending, as well as online asset management.