Lufax (NYSE:LU) Sees Strong Trading Volume – Here’s What Happened

Lufax Holding Ltd. Sponsored ADR (NYSE:LU) shares saw unusually-high trading volume on Thursday . Approximately 1,072,871 shares traded hands during mid-day trading, a decline of 25% from the previous session’s volume of 1,421,436 shares.The stock last traded at $1.5150 and had previously closed at $1.56.

Analysts Set New Price Targets

Several brokerages have weighed in on LU. Zacks Research upgraded shares of Lufax to a “hold” rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. assumed coverage on Lufax in a report on Friday, April 17th. They set a “neutral” rating and a $2.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Lufax in a research note on Monday, May 18th. Finally, Wall Street Zen upgraded Lufax from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $2.00.

Lufax Stock Down 1.6%

The company has a fifty day moving average price of $1.84 and a 200-day moving average price of $2.33. The stock has a market capitalization of $1.33 billion, a P/E ratio of -1.97 and a beta of 0.76.

Lufax (NYSE:LU) last issued its quarterly earnings data on Tuesday, February 17th. The company reported ($1.19) EPS for the quarter. The business had revenue of $724.89 million for the quarter. As a group, research analysts expect that Lufax Holding Ltd. Sponsored ADR will post -0.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lufax

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its stake in Lufax by 2.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 246,500 shares of the company’s stock valued at $461,000 after acquiring an additional 6,600 shares during the last quarter. Barometer Capital Management Inc. boosted its stake in shares of Lufax by 7,538.6% in the first quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company’s stock valued at $1,000,000 after buying an additional 527,700 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Lufax by 2.4% during the 1st quarter. California Public Employees Retirement System now owns 329,089 shares of the company’s stock worth $615,000 after purchasing an additional 7,608 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Lufax by 4.7% during the 1st quarter. Bank of New York Mellon Corp now owns 318,365 shares of the company’s stock worth $595,000 after purchasing an additional 14,224 shares during the last quarter. Finally, Fulton Bank N.A. acquired a new position in shares of Lufax during the 1st quarter worth approximately $27,000. 69.14% of the stock is owned by institutional investors and hedge funds.

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.