Lufax Stock Set to Reverse Split on Friday, October 23rd (NYSE:LU)

Shares of Lufax Holding Ltd. Sponsored ADR (NYSE:LU) are set to reverse split on Friday, October 23rd. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, October 22nd.

Lufax Stock Performance

NYSE:LU opened at $0.86 on Thursday. The stock has a fifty day moving average price of $1.26 and a 200-day moving average price of $1.49. The company has a market cap of $749.69 million, a price-to-earnings ratio of -1.42 and a beta of 0.69. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.72 and a current ratio of 1.72. Lufax has a fifty-two week low of $0.86 and a fifty-two week high of $3.75.

Lufax (NYSE:LU) last released its earnings results on Friday, August 14th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($1.12). The firm had revenue of $916.61 million during the quarter, compared to analysts’ expectations of $2.22 billion. As a group, equities analysts anticipate that Lufax will post -0.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft set a $1.40 price objective on shares of Lufax and gave the stock a “hold” rating in a research note on Thursday, August 27th. Weiss Ratings reissued a “sell (d)” rating on shares of Lufax in a report on Thursday, August 13th. JPMorgan Chase & Co. upgraded shares of Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 target price for the company in a research report on Tuesday, July 28th. Wall Street Zen downgraded shares of Lufax from a “hold” rating to a “sell” rating in a report on Saturday, August 22nd. Finally, Zacks Research raised shares of Lufax from a “strong sell” rating to a “hold” rating in a report on Monday, September 28th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $1.70.

Hedge Funds Weigh In On Lufax

Several hedge funds and other institutional investors have recently modified their holdings of LU. Fulton Bank N.A. bought a new stake in shares of Lufax during the 1st quarter worth $27,000. Engineers Gate Manager LP bought a new position in Lufax in the second quarter valued at about $60,000. Public Employees Retirement System of Ohio bought a new position in Lufax in the second quarter valued at about $157,000. Ramsey Quantitative Systems bought a new position in Lufax in the second quarter valued at about $199,000. Finally, Bank of New York Mellon Corp grew its position in Lufax by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 318,365 shares of the company’s stock valued at $595,000 after acquiring an additional 14,224 shares during the last quarter. Institutional investors own 69.14% of the company’s stock.

About Lufax

Lufax Holding Ltd. (NYSE: LU) is a China-based financial technology company that provides technology-enabled retail and small-business financial services. Its platform has connected borrowers, financial institutions and investors, with services focused primarily on consumer and small-business lending, wealth management and related financial products.

The company uses data analytics, digital platforms and risk-management technologies to support customer acquisition, credit assessment, loan servicing and financial-product distribution.