Lufax (NYSE:LU) Shares Up 4.2% – Here’s Why

Lufax Holding Ltd (NYSE:LU)’s share price rose 4.2% on Tuesday . The company traded as high as $2.50 and last traded at $2.49. Approximately 203,621 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 3,959,947 shares. The stock had previously closed at $2.39.

Wall Street Analysts Forecast Growth

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

Lufax Stock Up 1.6 %

The company has a 50 day moving average of $2.87 and a 200 day moving average of $2.78.

Lufax (NYSE:LU) last released its quarterly 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). The business had revenue of $789.93 million during the quarter. Lufax had a negative return on equity of 3.63% and a negative net margin of 12.75%. During the same quarter last year, the business posted $0.04 EPS. Analysts forecast that Lufax Holding Ltd will post -0.48 EPS for the current year.

Institutional Trading of Lufax

Hedge funds and other institutional investors have recently bought and sold shares of the company. Panagora Asset Management Inc. bought a new stake in Lufax in the second quarter valued at about $26,000. EWA LLC bought a new position in shares of Lufax during the third quarter valued at approximately $45,000. Soltis Investment Advisors LLC bought a new position in shares of Lufax during the third quarter valued at approximately $52,000. SG Americas Securities LLC bought a new position in shares of Lufax during the third quarter valued at approximately $66,000. Finally, SIH Partners LLLP bought a new position in shares of Lufax during the second quarter valued at approximately $65,000. 69.14% of the stock is owned by institutional investors.

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.