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

Lufax Holding Ltd (NYSE:LU)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $2.66, but opened at $2.87. Lufax shares last traded at $2.87, with a volume of 797,578 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on LU shares. Bank of America cut their price target on Lufax from $5.22 to $2.75 and set a “neutral” rating on the stock in a research note on Friday, August 23rd. Jefferies Financial Group restated a “hold” rating and issued a $3.20 price target on shares of Lufax in a report on Thursday, October 24th.

Lufax Stock Performance

The business has a 50 day moving average of $2.81 and a two-hundred day moving average of $3.08.

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). Lufax had a negative net margin of 12.75% and a negative return on equity of 3.63%. The firm had revenue of $789.93 million for the quarter. During the same period last year, the firm posted $0.04 earnings per share. As a group, analysts anticipate that Lufax Holding Ltd will post -0.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lufax

A number of large investors have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its holdings in Lufax by 5,000.2% in the first quarter. Acadian Asset Management LLC now owns 3,036,225 shares of the company’s stock valued at $12,798,000 after purchasing an additional 2,976,693 shares during the last quarter. Yunqi Capital Ltd grew its holdings in Lufax by 39.4% during the first quarter. Yunqi Capital Ltd now owns 7,092,640 shares of the company’s stock worth $29,931,000 after acquiring an additional 2,002,873 shares during the period. Baillie Gifford & Co. raised its position in Lufax by 15.9% during the second quarter. Baillie Gifford & Co. now owns 14,011,971 shares of the company’s stock valued at $33,208,000 after acquiring an additional 1,922,185 shares in the last quarter. Caxton Associates LP acquired a new position in Lufax in the second quarter valued at approximately $2,152,000. Finally, Russell Investments Group Ltd. purchased a new stake in Lufax in the 1st quarter worth approximately $2,649,000. Hedge funds and other 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.