Lufax (NYSE:LU) Reaches New 12-Month Low After Earnings Miss

Lufax Holding Ltd. Sponsored ADR (NYSE:LU) reached a new 52-week low on Thursday following a dissappointing earnings announcement. The company traded as low as $2.17 and last traded at $2.1950, with a volume of 258061 shares trading hands. The stock had previously closed at $2.26.

The company reported ($1.19) earnings per share (EPS) for the quarter. The business had revenue of $724.89 million for the quarter.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Lufax from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, Lufax currently has an average rating of “Sell”.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of LU. Alpine Investment Management Ltd purchased a new stake in Lufax during the third quarter worth approximately $17,154,000. Norges Bank acquired a new stake in Lufax in the 2nd quarter valued at $4,927,000. Yunqi Capital Ltd raised its position in Lufax by 8.4% in the third quarter. Yunqi Capital Ltd now owns 10,950,138 shares of the company’s stock valued at $44,458,000 after purchasing an additional 852,098 shares during the period. Fideuram Asset Management Ireland dac acquired a new position in shares of Lufax during the fourth quarter worth about $498,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Lufax by 33.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 79,727 shares of the company’s stock worth $214,000 after buying an additional 19,885 shares during the period. 69.14% of the stock is currently owned by hedge funds and other institutional investors.

Lufax Stock Down 2.9%

The business has a 50 day moving average price of $2.63 and a 200-day moving average price of $2.87. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of -2.81 and a beta of 0.64.

About Lufax

Lufax (NYSE: LU) is a leading provider of online wealth management and personal finance services in China. Established in 2011 as a spin-off from Ping An Insurance (Group) Company of China, Lufax has developed a digital ecosystem designed to match retail and institutional investors with a diverse array of financial products. The company went public on the New York Stock Exchange in October 2020, underscoring its ambition to expand beyond its domestic market.

The firm’s core business activities include peer-to-peer lending, consumer finance, supply chain and small-business lending, as well as online asset management.