Lufax (NYSE:LU) Shares Gap Down - Here's What Happened

Lufax Holding Ltd (NYSE:LU - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $3.16, but opened at $2.76. Lufax shares last traded at $2.75, with a volume of 789,040 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Bank of America dropped their price objective on shares of Lufax from $5.22 to $2.75 and set a "neutral" rating on the stock in a research report on Friday, August 23rd.

Lufax Trading Down 4.1 %

The business has a fifty day moving average price of $2.77 and a 200 day moving average price of $3.20. The firm has a market cap of $1.74 billion, a PE ratio of -21.64 and a beta of 0.85. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.08.

Lufax (NYSE:LU - Get Free Report) last released its quarterly earnings data on Wednesday, August 21st. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.26). Lufax had a negative net margin of 8.70% and a negative return on equity of 2.66%. The company had revenue of $822.36 million during the quarter. During the same period in the previous year, the company earned $0.24 EPS. Analysts forecast that Lufax Holding Ltd will post -0.09 EPS for the current year.

Hedge Funds Weigh In On Lufax

Hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. increased its position in Lufax by 15.9% in the 2nd 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 during the period. Yunqi Capital Ltd increased its holdings in shares of Lufax by 39.4% in the first quarter. Yunqi Capital Ltd now owns 7,092,640 shares of the company's stock valued at $29,931,000 after purchasing an additional 2,002,873 shares during the period. Acadian Asset Management LLC raised its stake in shares of Lufax by 5,000.2% during the first quarter. Acadian Asset Management LLC now owns 3,036,225 shares of the company's stock worth $12,798,000 after purchasing an additional 2,976,693 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Lufax by 6.0% during the second quarter. Renaissance Technologies LLC now owns 2,688,219 shares of the company's stock worth $6,371,000 after purchasing an additional 152,025 shares during the period. Finally, Caxton Associates LP purchased a new position in Lufax in the 2nd quarter valued at $2,152,000. 69.14% of the stock is currently owned by hedge funds and other institutional investors.

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.