Lufax Holding Ltd (NYSE:LU) Sees Large Drop in Short Interest

Lufax Holding Ltd (NYSE:LU) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 5,320,000 shares, a drop of 25.2% from the October 15th total of 7,110,000 shares. Based on an average daily volume of 3,150,000 shares, the short-interest ratio is currently 1.7 days. Approximately 0.6% of the shares of the company are short sold.

Lufax Stock Performance

Shares of LU stock opened at $2.34 on Friday. The firm has a market capitalization of $2.03 billion, a PE ratio of -3.04 and a beta of 0.90. Lufax has a 1 year low of $2.00 and a 1 year high of $4.94. The stock has a fifty day moving average of $2.83 and a two-hundred day moving average of $3.01.

Lufax (NYSE:LU) last posted its quarterly earnings data on Monday, October 21st. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.15). The company 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 period in the prior year, the firm earned $0.04 earnings per share. Equities research analysts predict that Lufax will post -0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LU. Russell Investments Group Ltd. bought a new stake in Lufax in the first quarter worth about $2,649,000. Caxton Associates LP bought a new stake in Lufax during the second quarter worth approximately $2,152,000. Maven Securities LTD increased its holdings in shares of Lufax by 350.0% in the second quarter. Maven Securities LTD now owns 180,000 shares of the company’s stock valued at $427,000 after buying an additional 140,000 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Lufax by 5,000.2% during the 1st quarter. Acadian Asset Management LLC now owns 3,036,225 shares of the company’s stock valued at $12,798,000 after acquiring an additional 2,976,693 shares during the last quarter. Finally, Sei Investments Co. bought a new stake in shares of Lufax during the 1st quarter worth $797,000. 69.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

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.