Lufax (NYSE:LU) Shares Up 6.9% - Here's What Happened

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) shares rose 6.9% on Wednesday . The stock traded as high as $3.17 and last traded at $3.18. Approximately 1,212,935 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 3,147,671 shares. The stock had previously closed at $2.97.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Lufax from a "sell" rating to a "hold" rating in a research note 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. According to data from MarketBeat, Lufax presently has an average rating of "Reduce" and a consensus target price of $3.20.

Lufax Stock Performance

The stock has a fifty day moving average price of $2.94 and a 200 day moving average price of $2.88. The stock has a market cap of $2.88 billion, a PE ratio of -4.31 and a beta of 0.69.

Institutional Trading of Lufax

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