Lufax (NYSE:LU) Lowered to Strong Sell Rating by Zacks Research

Lufax (NYSE:LU) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Lufax in a research report on Monday, May 18th. Wall Street Zen raised shares of Lufax from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, JPMorgan Chase & Co. upgraded shares of Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 price objective for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Lufax presently has an average rating of “Reduce” and an average price target of $2.00.

Lufax Stock Performance

Shares of NYSE LU opened at $1.57 on Thursday. The business’s 50-day simple moving average is $1.41 and its 200-day simple moving average is $1.97. Lufax has a 52 week low of $1.20 and a 52 week high of $4.57. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -2.02 and a beta of 0.79.

Hedge Funds Weigh In On Lufax

Large investors have recently made changes to their positions in the business. Scientech Research LLC acquired a new position in shares of Lufax during the 3rd quarter worth about $46,000. Fulton Bank N.A. acquired a new stake in Lufax in the 1st quarter valued at approximately $27,000. Hudson Bay Capital Management LP acquired a new stake in Lufax in the 2nd quarter valued at approximately $58,000. Headlands Technologies LLC increased its position in Lufax by 245.1% in the 2nd quarter. Headlands Technologies LLC now owns 26,928 shares of the company’s stock worth $75,000 after buying an additional 19,126 shares during the period. Finally, Virtu Financial LLC bought a new position in Lufax in the 4th quarter worth approximately $96,000. Institutional investors and hedge funds own 69.14% of the company’s stock.

About Lufax

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.