Lufax (NYSE:LU) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Lufax from “hold” to “strong sell,” while the broader analyst consensus remains “Reduce” with a $2.00 price target.
• Lufax shares opened at $1.57, down 0.9%, with a 12-month trading range of $1.20 to $4.57 and a market capitalization of approximately $1.37 billion.
• Institutional investors own 69.14% of the company, with several major funds—including Alpine Investment Management, Norges Bank and Arrowstreet Capital—recently increasing or initiating positions.

Lufax (NYSE:LU - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Thursday,Zacks.com reports.

LU has been the topic of several other reports. JPMorgan Chase & Co. upgraded shares of Lufax from a "neutral" rating to an "overweight" rating and set a $2.00 price target on the stock in a report on Tuesday. Weiss Ratings reiterated a "sell (d)" rating on shares of Lufax in a report on Monday, May 18th. Finally, Wall Street Zen raised Lufax from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $2.00.

Lufax Stock Down 0.9%

LU stock opened at $1.57 on Thursday. Lufax has a 12-month low of $1.20 and a 12-month high of $4.57. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -2.02 and a beta of 0.79. The company has a 50 day moving average of $1.41 and a two-hundred day moving average of $1.97.

Hedge Funds Weigh In On Lufax

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LU. Alpine Investment Management Ltd grew its position in Lufax by 91.9% in the fourth quarter. Alpine Investment Management Ltd now owns 8,106,500 shares of the company's stock worth $20,753,000 after acquiring an additional 3,881,500 shares in the last quarter. Norges Bank bought a new position in shares of Lufax during the 4th quarter valued at $8,067,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Lufax by 2,378.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,168,162 shares of the company's stock valued at $6,049,000 after purchasing an additional 2,080,678 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Lufax during the 2nd quarter valued at $2,276,000. Finally, Legal & General Group Plc lifted its stake in shares of Lufax by 106.5% in the 4th quarter. Legal & General Group Plc now owns 1,560,906 shares of the company's stock valued at $3,996,000 after purchasing an additional 804,923 shares during the last quarter. Institutional investors own 69.14% of the company's stock.

Lufax Company Profile

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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