Lufax (NYSE:LU) Trading Up 7% – Here’s What Happened

Shares of Lufax Holding Ltd (NYSE:LU) shot up 7% during mid-day trading on Friday . The stock traded as high as $3.14 and last traded at $3.15. 785,651 shares were traded during mid-day trading, a decline of 77% from the average session volume of 3,343,612 shares. The stock had previously closed at $2.94.

Analysts Set New Price Targets

Separately, Jefferies Financial Group reissued a “hold” rating and set a $3.20 price target on shares of Lufax in a research report on Thursday, October 24th.

Lufax Stock Up 4.6 %

The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of -3.98 and a beta of 0.84. The business’s 50 day simple moving average is $2.51 and its 200-day simple moving average is $2.62.

Institutional Investors Weigh In On Lufax

A number of large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Lufax by 102.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,600 shares of the company’s stock worth $40,000 after purchasing an additional 8,382 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in Lufax by 230.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 17,282 shares of the company’s stock worth $41,000 after acquiring an additional 12,048 shares during the last quarter. EWA LLC acquired a new position in Lufax in the 3rd quarter valued at approximately $45,000. Corient Private Wealth LLC raised its stake in shares of Lufax by 43.6% during the fourth quarter. Corient Private Wealth LLC now owns 21,218 shares of the company’s stock valued at $51,000 after acquiring an additional 6,445 shares during the last quarter. Finally, Soltis Investment Advisors LLC acquired a new position in shares of Lufax during the third quarter worth $52,000. Institutional investors and hedge funds own 69.14% of the company’s stock.

Lufax Company Profile

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.