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

Lufax Holding Ltd (NYSE:LU) shares gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Bank of America lowered their target price on shares of Lufax from $5.22 to $2.75 and set a “neutral” rating for the company in a research note 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 note on Thursday, October 24th.

Lufax Stock Up 2.3 %

The firm has a market capitalization of $2.36 billion, a PE ratio of -3.73 and a beta of 0.90. The company’s 50-day simple moving average is $2.79 and its 200 day simple moving average is $3.08.

Lufax (NYSE:LU) last posted its quarterly earnings data 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). Lufax had a negative net margin of 12.75% and a negative return on equity of 3.63%. The company had revenue of $789.93 million for the quarter. During the same quarter in the prior year, the business posted $0.04 EPS. On average, sell-side analysts forecast that Lufax Holding Ltd will post -0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lufax

Hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. purchased a new stake in Lufax in the 1st quarter worth approximately $2,649,000. Caxton Associates LP purchased a new stake in Lufax in the 2nd quarter worth approximately $2,152,000. Maven Securities LTD boosted its position in 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 purchasing an additional 140,000 shares in the last quarter. Acadian Asset Management LLC boosted its position in Lufax by 5,000.2% in the 1st quarter. Acadian Asset Management LLC now owns 3,036,225 shares of the company’s stock worth $12,798,000 after purchasing an additional 2,976,693 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in Lufax in the 1st quarter worth approximately $797,000. Institutional investors and hedge funds 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.