Lufax (NYSE:LU) Stock Price Down 8.5% – Should You Sell?

Lufax Holding Ltd (NYSE:LU) shares dropped 8.5% on Friday . The company traded as low as $2.55 and last traded at $2.57. Approximately 2,122,055 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 4,066,834 shares. The stock had previously closed at $2.81.

Wall Street Analysts Forecast Growth

LU has been the subject of a number of research analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $3.20 price objective on shares of Lufax in a research report on Thursday, October 24th. Bank of America lowered their price target on shares of Lufax from $5.22 to $2.75 and set a “neutral” rating for the company in a report on Friday, August 23rd.

Lufax Stock Down 7.8 %

The company has a market cap of $2.24 billion, a P/E ratio of -3.34 and a beta of 0.90. The firm’s 50 day moving average is $2.81 and its two-hundred day moving average is $3.08.

Lufax (NYSE:LU) last issued its quarterly earnings results on Monday, October 21st. The company reported ($0.16) earnings per share (EPS) 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 return on equity of 3.63% and a negative net margin of 12.75%. During the same quarter in the prior year, the business earned $0.04 EPS. As a group, research analysts forecast that Lufax Holding Ltd will post -0.48 EPS for the current fiscal year.

Institutional Trading of Lufax

Several hedge funds have recently modified their holdings of LU. Baillie Gifford & Co. increased its position in Lufax by 4.3% in the 3rd quarter. Baillie Gifford & Co. now owns 14,617,105 shares of the company’s stock valued at $51,014,000 after buying an additional 605,134 shares in the last quarter. Polunin Capital Partners Ltd acquired a new stake in Lufax in the third quarter valued at approximately $313,000. SG Americas Securities LLC bought a new stake in shares of Lufax during the third quarter valued at approximately $66,000. Maven Securities LTD raised its position in shares of Lufax by 350.0% during 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 period. Finally, SIH Partners LLLP bought a new position in shares of Lufax in the 2nd quarter worth $65,000. 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.