Lufax (NYSE:LU) Shares Gap Up – Here’s What Happened

Lufax Holding Ltd (NYSE:LU)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $2.66, but opened at $2.87. Lufax shares last traded at $2.87, with a volume of 797,578 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Bank of America lowered their price objective 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 reiterated a “hold” rating and set a $3.20 target price on shares of Lufax in a research report on Thursday, October 24th.

Lufax Trading Up 2.3 %

The stock has a market cap of $2.36 billion, a PE ratio of -3.73 and a beta of 0.90. The business has a 50-day moving average price of $2.79 and a 200-day moving average price of $3.08.

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). The firm had revenue of $789.93 million during the quarter. Lufax had a negative net margin of 12.75% and a negative return on equity of 3.63%. During the same quarter in the prior year, the firm earned $0.04 EPS. Equities analysts expect that Lufax Holding Ltd will post -0.48 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its stake in shares of Lufax by 4.3% in the 3rd quarter. Baillie Gifford & Co. now owns 14,617,105 shares of the company’s stock worth $51,014,000 after acquiring an additional 605,134 shares during the last quarter. Polunin Capital Partners Ltd acquired a new stake in shares of Lufax in the 3rd quarter worth $313,000. SG Americas Securities LLC acquired a new stake in shares of Lufax in the 3rd quarter worth $66,000. Maven Securities LTD increased its stake in shares of Lufax by 350.0% in the 2nd quarter. Maven Securities LTD now owns 180,000 shares of the company’s stock worth $427,000 after acquiring an additional 140,000 shares during the last quarter. Finally, SIH Partners LLLP acquired a new stake in shares of Lufax in the 2nd quarter worth $65,000. Hedge funds and other institutional investors own 69.14% of the company’s stock.

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.