Lufax (NYSE:LU) Shares Up 7.7% - Time to Buy?

Key Points

• Lufax Holding Ltd. saw a share price increase of 7.7%, trading at $3.87 after previously closing at $3.59.
• Wall Street Zen has upgraded Lufax's rating from "sell" to "hold", with an average target price of $3.20.
• Institutional investors have significantly increased their holdings in Lufax, with Millennium Management raising its position by 56.2% and Nuveen Asset Management by 747.0% in the fourth quarter.

Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Get Free Report)'s share price shot up 7.7% on Monday . The stock traded as high as $3.89 and last traded at $3.87. 1,337,149 shares were traded during trading, a decline of 58% from the average session volume of 3,147,889 shares. The stock had previously closed at $3.59.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Lufax from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $3.20.

Lufax Price Performance

The business has a 50 day simple moving average of $3.01 and a 200 day simple moving average of $2.89. The stock has a market cap of $3.52 billion, a PE ratio of -5.28 and a beta of 0.69.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its position in shares of Lufax by 56.2% in the fourth quarter. Millennium Management LLC now owns 580,890 shares of the company's stock worth $1,388,000 after buying an additional 209,117 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Lufax by 747.0% in the fourth quarter. Nuveen Asset Management LLC now owns 1,293,334 shares of the company's stock worth $3,091,000 after buying an additional 1,140,634 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Lufax by 16.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 491,713 shares of the company's stock worth $1,175,000 after buying an additional 67,900 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Lufax in the fourth quarter worth about $380,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Lufax in the first quarter worth about $533,000. Hedge funds and other institutional investors own 69.14% of the company's stock.

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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