Lufax (NYSE:LU) Shares Gap Down – Should You Sell?

Lufax Holding Ltd (NYSE:LU)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $2.92, but opened at $2.80. Lufax shares last traded at $2.81, with a volume of 640,589 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LU. Jefferies Financial Group reissued a “hold” rating and set a $3.20 target price on shares of Lufax in a research note on Thursday, October 24th. Bank of America reduced their price objective on shares of Lufax from $5.22 to $2.75 and set a “neutral” rating for the company in a research note on Friday, August 23rd.

Lufax Stock Performance

The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -3.69 and a beta of 0.85. The firm’s 50 day moving average is $2.83 and its 200-day moving average is $2.73.

Lufax (NYSE:LU) last announced its 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 firm 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 in the previous year, the business earned $0.04 EPS. As a group, research analysts predict that Lufax Holding Ltd will post -0.48 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LU. Caxton Associates LP bought a new position in shares of Lufax during the 2nd quarter worth about $2,152,000. Maven Securities LTD increased its holdings in shares of Lufax by 350.0% during the 2nd quarter. Maven Securities LTD now owns 180,000 shares of the company’s stock worth $427,000 after purchasing an additional 140,000 shares during the period. Baillie Gifford & Co. increased its holdings in shares of Lufax by 15.9% during the 2nd quarter. Baillie Gifford & Co. now owns 14,011,971 shares of the company’s stock worth $33,208,000 after purchasing an additional 1,922,185 shares during the period. AQR Capital Management LLC bought a new position in shares of Lufax during the 2nd quarter worth about $1,114,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Lufax during the 2nd quarter valued at about $79,000. Institutional investors own 69.14% of the company’s stock.

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.