Lufax (NYSE:LU) Shares Up 4.2% – Here’s Why

Lufax Holding Ltd (NYSE:LU) shares shot up 4.2% during trading on Friday . The stock traded as high as $2.78 and last traded at $2.75. 1,728,809 shares changed hands during trading, a decline of 56% from the average session volume of 3,942,341 shares. The stock had previously closed at $2.64.

Analysts Set New Price Targets

Several brokerages recently issued reports on LU. Bank of America reduced their target price on Lufax from $5.22 to $2.75 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $3.20 price objective on shares of Lufax in a research report on Thursday, October 24th.

Lufax Trading Up 3.0 %

The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of -3.53 and a beta of 0.85. The firm has a 50-day moving average of $2.73 and a 200-day moving average of $2.70.

Lufax (NYSE:LU) last announced its quarterly earnings data on Monday, October 21st. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.15). Lufax had a negative net margin of 12.75% and a negative return on equity of 3.63%. The firm had revenue of $789.93 million during the quarter. During the same quarter in the previous year, the company earned $0.04 earnings per share. On average, equities research analysts anticipate that Lufax Holding Ltd will post -0.48 EPS for the current year.

Institutional Trading of Lufax

Several institutional investors and hedge funds have recently bought and sold shares of the business. Caxton Associates LP purchased a new position in shares of Lufax during the second quarter worth $2,152,000. Maven Securities LTD raised its stake in shares of Lufax by 350.0% during the 2nd quarter. Maven Securities LTD now owns 180,000 shares of the company’s stock valued at $427,000 after buying an additional 140,000 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Lufax by 15.9% in the 2nd quarter. Baillie Gifford & Co. now owns 14,011,971 shares of the company’s stock valued at $33,208,000 after buying an additional 1,922,185 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Lufax by 43.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,102,895 shares of the company’s stock worth $10,829,000 after buying an additional 936,048 shares during the last quarter. Finally, AQR Capital Management LLC acquired a new stake in Lufax during the second quarter worth about $1,114,000. 69.14% of the stock is currently owned by institutional investors and hedge funds.

Lufax Company Profile

Lufax Holding Ltd operates as a financial service empowering institution for small and micro businesses in China. The company offers loan products, including general unsecured loans and secured loans, as well as consumer finance loans. It also provides wealth management products, such as asset management plans, mutual fund products, private investment fund products, and trust products.