Lufax (NYSE:LU) Stock Price Up 8.5% – Time to Buy?

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s share price shot up 8.5% during mid-day trading on Monday . The company traded as high as $1.56 and last traded at $1.6280. 145,908 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 1,292,855 shares. The stock had previously closed at $1.50.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LU. Wall Street Zen raised shares of Lufax from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Lufax in a report on Monday, May 18th. JPMorgan Chase & Co. upgraded shares of Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 price target for the company in a research report on Tuesday, July 28th. Finally, Zacks Research cut shares of Lufax from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $2.00.

Lufax Stock Up 13.0%

The company’s 50-day moving average is $1.40 and its two-hundred day moving average is $1.93. The company has a market capitalization of $1.47 billion, a P/E ratio of -2.17 and a beta of 0.80.

Institutional Trading of Lufax

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Amundi increased its stake in Lufax by 76.8% in the first quarter. Amundi now owns 97,223 shares of the company’s stock valued at $282,000 after acquiring an additional 42,236 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Lufax by 32.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 604,823 shares of the company’s stock worth $1,796,000 after purchasing an additional 148,724 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Lufax by 0.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,343,505 shares of the company’s stock worth $3,990,000 after purchasing an additional 8,236 shares in the last quarter. Geode Capital Management LLC lifted its position in Lufax by 3.9% in the 2nd quarter. Geode Capital Management LLC now owns 143,238 shares of the company’s stock worth $400,000 after buying an additional 5,417 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Lufax by 74.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 110,024 shares of the company’s stock worth $307,000 after purchasing an additional 47,001 shares during the period. Hedge funds and other institutional investors own 69.14% of the company’s stock.

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.