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

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

Wall Street Analyst Weigh In

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

Lufax Price Performance

The firm’s 50 day moving average is $2.85 and its 200 day moving average is $2.86. The firm has a market cap of $2.19 billion, a P/E ratio of -3.17 and a beta of 0.90.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Daiwa Securities Group Inc. boosted its stake in Lufax by 14.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 73,275 shares of the company’s stock valued at $256,000 after purchasing an additional 9,400 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Lufax during the 2nd quarter valued at about $26,000. EWA LLC purchased a new stake in shares of Lufax during the 3rd quarter valued at about $45,000. Soltis Investment Advisors LLC purchased a new stake in shares of Lufax during the 3rd quarter valued at about $52,000. Finally, SG Americas Securities LLC bought a new stake in shares of Lufax in the third quarter worth approximately $66,000. 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.