Lufax (NYSE:LU) Stock Price Up 8.5% - Time to Buy?

Key Points

• Lufax shares rose 8.5% to about $1.63 in mid-day trading, though volume was 89% below the average session level.
• Analyst sentiment remains mixed: JPMorgan upgraded the stock to “overweight” with a $2.00 target, while Zacks downgraded it to “strong sell.” Overall, the consensus rating is “Reduce,” with one Buy and two Sell ratings.
• Institutional investors own 69.14% of Lufax, and several major funds recently increased their holdings or initiated new positions, despite the company’s negative P/E ratio and share price remaining below its 200-day moving average.

Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Get Free Report) shares traded up 8.5% during mid-day trading on Monday . The company traded as high as $1.56 and last traded at $1.6280. Approximately 145,908 shares changed hands during trading, a decline of 89% from the average session volume of 1,292,855 shares. The stock had previously closed at $1.50.

Wall Street Analysts Forecast Growth

LU has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Lufax from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. upgraded shares of Lufax from a "neutral" rating to an "overweight" rating and set a $2.00 price target on the stock in a report on Tuesday, July 28th. Zacks Research downgraded shares of Lufax from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Lufax in a research note on Monday, May 18th. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $2.00.

Lufax Trading Up 13.0%

The stock has a market capitalization of $1.47 billion, a PE ratio of -2.17 and a beta of 0.80. The firm has a 50-day moving average price of $1.40 and a 200-day moving average price of $1.93.

Institutional Trading of Lufax

Hedge funds have recently added to or reduced their stakes in the stock. Alpine Investment Management Ltd lifted its position in shares of Lufax by 91.9% during the fourth quarter. Alpine Investment Management Ltd now owns 8,106,500 shares of the company's stock worth $20,753,000 after acquiring an additional 3,881,500 shares in the last quarter. Norges Bank purchased a new position in shares of Lufax in the fourth quarter valued at $8,067,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Lufax by 2,378.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,168,162 shares of the company's stock valued at $6,049,000 after purchasing an additional 2,080,678 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Lufax during the 2nd quarter valued at $2,276,000. Finally, Legal & General Group Plc lifted its holdings in Lufax by 106.5% during the 4th quarter. Legal & General Group Plc now owns 1,560,906 shares of the company's stock worth $3,996,000 after purchasing an additional 804,923 shares in the last quarter. Institutional investors own 69.14% of the company's stock.

About Lufax

Lufax NYSE: LU is a leading provider of online wealth management and personal finance services in China. Established in 2011 as a spin-off from Ping An Insurance (Group) Company of China, Lufax has developed a digital ecosystem designed to match retail and institutional investors with a diverse array of financial products. The company went public on the New York Stock Exchange in October 2020, underscoring its ambition to expand beyond its domestic market.

The firm's core business activities include peer-to-peer lending, consumer finance, supply chain and small-business lending, as well as online asset management.

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