Lufax (NYSE:LU) Hits New 52-Week Low – Here’s Why

Shares of Lufax Holding Ltd. Sponsored ADR (NYSE:LU) reached a new 52-week low on Wednesday . The company traded as low as $1.20 and last traded at $1.2150, with a volume of 98248 shares trading hands. The stock had previously closed at $1.21.

Wall Street Analysts Forecast Growth

Several research firms have commented on LU. Zacks Research downgraded Lufax from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft set a $1.40 price target on Lufax and gave the company a “hold” rating in a report on Thursday, August 27th. JPMorgan Chase & Co. raised 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. Wall Street Zen cut shares of Lufax from a “hold” rating to a “sell” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Lufax in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $1.70.

Lufax Trading Up 0.6%

The stock has a 50 day moving average of $1.41 and a 200-day moving average of $1.77. The company has a market capitalization of $1.05 billion, a P/E ratio of -1.99 and a beta of 0.76. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.08.

Lufax (NYSE:LU) last released its earnings results on Friday, August 14th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($1.12). The business had revenue of $916.61 million for the quarter, compared to the consensus estimate of $2.22 billion. On average, research analysts predict that Lufax Holding Ltd. Sponsored ADR will post -0.29 EPS for the current year.

Institutional Trading of Lufax

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Alpine Investment Management Ltd raised its position in shares of Lufax by 91.9% during the 4th quarter. Alpine Investment Management Ltd now owns 8,106,500 shares of the company’s stock valued at $20,753,000 after purchasing an additional 3,881,500 shares during the period. Norges Bank bought a new position in Lufax in the 4th quarter worth $8,067,000. Arrowstreet Capital Limited Partnership increased its stake in Lufax by 2,378.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,168,162 shares of the company’s stock worth $6,049,000 after buying an additional 2,080,678 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Lufax in the 2nd quarter worth $2,276,000. Finally, Legal & General Group Plc raised its holdings in Lufax by 106.5% during the fourth quarter. Legal & General Group Plc now owns 1,560,906 shares of the company’s stock valued at $3,996,000 after acquiring an additional 804,923 shares during the period. 69.14% of the stock is owned by hedge funds and other institutional investors.

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.