Lufax (NYSE:LU) Shares Up 6.1% – Time to Buy?

Lufax Holding Ltd (NYSE:LU) traded up 6.1% on Wednesday . The stock traded as high as $2.48 and last traded at $2.44. 290,675 shares traded hands during trading, a decline of 93% from the average session volume of 3,962,299 shares. The stock had previously closed at $2.30.

Analyst Ratings Changes

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

Lufax Stock Performance

The stock has a fifty day moving average of $2.85 and a 200 day moving average of $2.86. The company has a market capitalization of $2.19 billion, a P/E ratio of -3.17 and a beta of 0.90.

Lufax (NYSE:LU) last released its earnings results on Monday, October 21st. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.15). The firm had revenue of $789.93 million during the quarter. Lufax had a negative return on equity of 3.63% and a negative net margin of 12.75%. During the same period last year, the company earned $0.04 earnings per share. Research analysts anticipate that Lufax Holding Ltd will post -0.48 EPS for the current fiscal year.

Institutional Trading of Lufax

Several institutional investors have recently made changes to their positions in the business. Caxton Associates LP purchased a new position in Lufax during the second quarter valued at $2,152,000. Maven Securities LTD increased its holdings in shares of Lufax by 350.0% in the second quarter. Maven Securities LTD now owns 180,000 shares of the company’s stock worth $427,000 after purchasing an additional 140,000 shares during the last quarter. Baillie Gifford & Co. boosted its stake in Lufax by 15.9% during the second 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 last quarter. AQR Capital Management LLC bought a new position in Lufax during the second quarter valued at approximately $1,114,000. Finally, Simplicity Wealth LLC bought a new stake in Lufax in the 2nd quarter worth approximately $79,000. Hedge funds and other institutional investors own 69.14% of the company’s stock.

About Lufax

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.