Lufax (NYSE:LU) Stock Price Up 8.6% After Analyst Upgrade

Key Points

• Lufax shares rose 8.6% to about $1.59 after JPMorgan upgraded the stock from neutral to overweight and set a $2.00 price target.
• Despite the upgrade, analyst sentiment remains mixed: Lufax has a consensus “Hold” rating, with one Buy, one Hold, and one Sell recommendation and an average target of $2.00.
• Institutional investors own approximately 69.14% of Lufax, while the stock continues to trade below its 200-day moving average of $2.00 and has a market capitalization of roughly $1.38 billion.

Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Get Free Report) shares traded up 8.6% on Tuesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $2.00 price target on the stock. Lufax traded as high as $1.59 and last traded at $1.5850. Approximately 566,320 shares traded hands during trading, a decline of 58% from the average daily volume of 1,337,147 shares. The stock had previously closed at $1.46.

Other equities research analysts have also issued research reports about the company. Weiss Ratings reissued a "sell (d)" rating on shares of Lufax in a report on Monday, May 18th. Zacks Research upgraded shares of Lufax to a "hold" rating in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of Lufax from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Lufax currently has a consensus rating of "Hold" and an average price target of $2.00.

Institutional Investors Weigh In On Lufax

Institutional investors and hedge funds have recently modified their holdings of the company. Fulton Bank N.A. bought a new position in shares of Lufax in the first quarter valued at approximately $27,000. Scientech Research LLC bought a new stake in Lufax during the 3rd quarter worth approximately $46,000. Hudson Bay Capital Management LP purchased a new position in shares of Lufax during the 2nd quarter valued at $58,000. Headlands Technologies LLC grew its position in shares of Lufax by 245.1% during the 2nd quarter. Headlands Technologies LLC now owns 26,928 shares of the company's stock valued at $75,000 after purchasing an additional 19,126 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Lufax in the fourth quarter worth $96,000. 69.14% of the stock is owned by hedge funds and other institutional investors.

Lufax Price Performance

The company has a market cap of $1.38 billion, a P/E ratio of -2.04 and a beta of 0.79. The company has a 50 day moving average of $1.43 and a 200-day moving average of $2.00.

Lufax Company Profile

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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