Lufax (NYSE:LU) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Lufax from “hold” to “sell,” while analysts’ overall consensus is “Reduce” with a $2.00 price target.
• Lufax reported a quarterly loss of $0.04 per share, missing the $1.08 consensus estimate, while revenue of $916.61 million fell well short of the $2.22 billion forecast.
• The stock opened at $1.41 and has traded between $1.20 and $4.57 over the past year; hedge funds and other institutional investors own 69.14% of outstanding shares.

Lufax (NYSE:LU - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. raised shares of Lufax from a "neutral" rating to an "overweight" rating and set a $2.00 target price for the company in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Lufax in a research report on Thursday, August 13th. Finally, Zacks Research downgraded Lufax from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $2.00.

Lufax Stock Performance

LU opened at $1.41 on Friday. Lufax has a 12-month low of $1.20 and a 12-month high of $4.57. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.22 billion, a PE ratio of -1.80 and a beta of 0.81. The firm has a 50 day moving average of $1.41 and a two-hundred day moving average of $1.85.

Lufax (NYSE:LU - Get Free Report) last announced its quarterly earnings data on Tuesday, August 18th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $1.08 by ($1.12). The business had revenue of $916.61 million for the quarter, compared to analyst estimates of $2.22 billion. On average, analysts anticipate that Lufax will post -0.29 EPS for the current year.

Hedge Funds Weigh In On Lufax

Several institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new stake in Lufax during the second quarter worth $157,000. Ramsey Quantitative Systems purchased a new position in Lufax in the second quarter valued at $199,000. Barometer Capital Management Inc. increased its holdings in Lufax by 7,538.6% in the first quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company's stock valued at $1,000,000 after buying an additional 527,700 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Lufax by 2.4% in the first quarter. California Public Employees Retirement System now owns 329,089 shares of the company's stock worth $615,000 after acquiring an additional 7,608 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Lufax by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 318,365 shares of the company's stock worth $595,000 after acquiring an additional 14,224 shares during the period. 69.14% of the stock is owned by hedge funds and other institutional investors.

About Lufax

Lufax NYSE: LU is a leading provider of online wealth management and personal finance services in China. Established in 2011 as a spin-off from Ping An Insurance (Group) Company of China, Lufax has developed a digital ecosystem designed to match retail and institutional investors with a diverse array of financial products. The company went public on the New York Stock Exchange in October 2020, underscoring its ambition to expand beyond its domestic market.

The firm's core business activities include peer-to-peer lending, consumer finance, supply chain and small-business lending, as well as online asset management.

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