Lufax (NYSE:LU) Stock Price Down 8.5% - What's Next?

Lufax Holding Ltd (NYSE:LU - Get Free Report) shares dropped 8.5% on Friday . The stock traded as low as $2.55 and last traded at $2.57. Approximately 2,122,055 shares traded hands during trading, a decline of 48% from the average daily volume of 4,066,834 shares. The stock had previously closed at $2.81.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Jefferies Financial Group reiterated a "hold" rating and issued a $3.20 price objective on shares of Lufax in a report on Thursday, October 24th. Bank of America decreased their price target on 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 stock's fifty day simple moving average is $2.81 and its 200-day simple moving average is $3.08. The stock has a market cap of $2.24 billion, a P/E ratio of -3.34 and a beta of 0.90.

Lufax (NYSE:LU - Get Free Report) last issued its quarterly earnings results on Monday, October 21st. The company reported ($0.16) earnings per share (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 company had revenue of $789.93 million during the quarter. During the same period in the prior year, the business posted $0.04 EPS. As a group, equities research analysts forecast that Lufax Holding Ltd will post -0.48 earnings per share for the current year.

Institutional Investors Weigh In On Lufax

A number of large investors have recently bought and sold shares of the company. Baillie Gifford & Co. lifted its holdings in shares of Lufax by 4.3% during the 3rd quarter. Baillie Gifford & Co. now owns 14,617,105 shares of the company's stock worth $51,014,000 after acquiring an additional 605,134 shares during the period. Polunin Capital Partners Ltd bought a new stake in Lufax during the third quarter worth $313,000. SG Americas Securities LLC acquired a new stake in shares of Lufax in the 3rd quarter valued at $66,000. Maven Securities LTD increased its stake in shares of Lufax by 350.0% in the 2nd quarter. Maven Securities LTD now owns 180,000 shares of the company's stock valued at $427,000 after purchasing an additional 140,000 shares during the last quarter. Finally, SIH Partners LLLP acquired a new position in shares of Lufax during the 2nd quarter worth $65,000. 69.14% of the stock is currently owned by institutional investors and hedge funds.

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.

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