Lufax (NYSE:LU) Trading Up 6.9% - Here's Why

Key Points

• Lufax's stock price increased by 6.9% on Wednesday, trading as high as $3.17, with a notable decline in trading volume of 61% from its average.
• Analysts have recently upgraded Lufax from a "sell" to a "hold" rating, with a consensus rating of "Reduce" and an average price target of $3.20.
• Several hedge funds have recently increased their holdings in Lufax, indicating growing institutional interest as they now own 69.14% of the company's stock.

Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Get Free Report) traded up 6.9% on Wednesday . The stock traded as high as $3.17 and last traded at $3.18. 1,212,935 shares were traded during trading, a decline of 61% from the average session volume of 3,147,671 shares. The stock had previously closed at $2.97.

Wall Street Analyst Weigh In

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

Lufax Stock Performance

The firm has a market cap of $2.88 billion, a price-to-earnings ratio of -4.31 and a beta of 0.69. The stock's fifty day moving average is $2.94 and its two-hundred day moving average is $2.88.

Institutional Investors Weigh In On Lufax

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Yunqi Capital Ltd boosted its stake in Lufax by 42.3% during the second quarter. Yunqi Capital Ltd now owns 10,098,040 shares of the company's stock valued at $28,174,000 after buying an additional 3,000,000 shares in the last quarter. Tiger Pacific Capital LP grew its stake in shares of Lufax by 71.7% in the 1st quarter. Tiger Pacific Capital LP now owns 6,757,978 shares of the company's stock worth $20,071,000 after purchasing an additional 2,821,316 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Lufax by 163.4% in the 1st quarter. Acadian Asset Management LLC now owns 5,168,650 shares of the company's stock worth $15,335,000 after purchasing an additional 3,206,645 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Lufax by 19.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,011,130 shares of the company's stock valued at $14,883,000 after acquiring an additional 805,292 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Lufax during the first quarter valued at $14,432,000. 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.