Lufax (NYSE:LU) Shares Gap Down – Here’s Why

Lufax Holding Ltd (NYSE:LU)’s share price gapped down prior to trading on Friday . The stock had previously closed at $2.34, but opened at $2.25. Lufax shares last traded at $2.29, with a volume of 224,830 shares traded.

Analysts Set New Price Targets

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

Lufax Stock Performance

The company has a market cap of $2.00 billion, a price-to-earnings ratio of -3.04 and a beta of 0.90. The company’s 50 day moving average price is $2.85 and its 200 day moving average price is $2.93.

Lufax (NYSE:LU) last posted its earnings results on Monday, October 21st. The company reported ($0.16) EPS 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 business had revenue of $789.93 million for the quarter. During the same quarter last year, the firm earned $0.04 earnings per share. On average, equities research analysts forecast that Lufax Holding Ltd will post -0.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Lufax

Institutional investors have recently modified their holdings of the company. Daiwa Securities Group Inc. grew its holdings in Lufax by 14.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 73,275 shares of the company’s stock valued at $256,000 after buying an additional 9,400 shares during the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of Lufax in the second quarter worth $26,000. EWA LLC bought a new position in Lufax during the third quarter worth $45,000. Soltis Investment Advisors LLC acquired a new position in Lufax during the 3rd quarter valued at $52,000. Finally, SG Americas Securities LLC bought a new stake in Lufax in the 3rd quarter valued at $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.