Lufax (NYSE:LU) Sets New 52-Week High - Still a Buy?

Key Points

• Lufax's stock reached a new 52-week high of $4.27, up from a previous close of $4.06, with a trading volume of 497,608 shares.
• Wall Street Zen upgraded Lufax's rating from "sell" to "hold", while analysts show a consensus rating of "Reduce" with a target price of $3.20.
• More than 69% of Lufax's shares are owned by institutional investors, with significant increases in holdings from several hedge funds during the second quarter.

Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $4.18 and last traded at $4.27, with a volume of 497608 shares trading hands. The stock had previously closed at $4.06.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Lufax from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Lufax presently has a consensus rating of "Reduce" and a consensus target price of $3.20.

Lufax Stock Up 7.5%

The stock has a 50 day moving average price of $3.05 and a 200 day moving average price of $2.91. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of -5.67 and a beta of 0.69.

Hedge Funds Weigh In On Lufax

A number of hedge funds have recently made changes to their positions in the stock. Hudson Bay Capital Management LP bought a new position in shares of Lufax during the second quarter worth about $58,000. Headlands Technologies LLC raised its position in shares of Lufax by 245.1% during the second quarter. Headlands Technologies LLC now owns 26,928 shares of the company's stock worth $75,000 after acquiring an additional 19,126 shares during the last quarter. Bank of America Corp DE raised its position in shares of Lufax by 36.2% during the second quarter. Bank of America Corp DE now owns 1,091,923 shares of the company's stock worth $3,046,000 after acquiring an additional 290,330 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Lufax during the second quarter worth about $2,276,000. Finally, Sei Investments Co. raised its position in shares of Lufax by 130.1% during the second quarter. Sei Investments Co. now owns 75,448 shares of the company's stock worth $210,000 after acquiring an additional 42,654 shares during the last quarter. 69.14% of the stock is currently owned by institutional investors.

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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