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

Lufax Holding Ltd (NYSE:LU - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $2.90, but opened at $2.80. Lufax shares last traded at $2.89, with a volume of 615,847 shares changing hands.

Analyst Ratings Changes

Separately, Deutsche Bank Aktiengesellschaft lowered shares of Lufax from a "hold" rating to a "sell" rating in a research note on Tuesday, April 29th.

Lufax Trading Down 3.3 %

The stock has a market cap of $2.31 billion, a P/E ratio of -3.47 and a beta of 0.71. The business's 50 day moving average price is $2.85 and its two-hundred day moving average price is $2.67.

Institutional Investors Weigh In On Lufax

A number of institutional investors have recently added to or reduced their stakes in LU. Cape Ann Asset Management Ltd bought a new stake in shares of Lufax in the 1st quarter worth about $3,180,000. Allianz Asset Management GmbH lifted its position in Lufax by 18.4% during the first quarter. Allianz Asset Management GmbH now owns 1,764,470 shares of the company's stock valued at $5,240,000 after purchasing an additional 274,540 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Lufax by 44.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,017 shares of the company's stock worth $71,000 after buying an additional 7,417 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in shares of Lufax in the first quarter valued at approximately $70,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Lufax in the first quarter valued at about $533,000. 69.14% of the stock is 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.