Lufax Holding Ltd. Sponsored ADR (NYSE:LU) Sees Significant Drop in Short Interest

Key Points

• Short interest fell 92.4% in the second half of October to 428,038 shares, equal to about 0.5% of Lufax’s shares; the days-to-cover ratio was 0.6.
• Lufax shares traded at $7.20, down 8.6% on the day and near their 12-month low of $7.12.
• The company reported quarterly revenue of $921.68 million, below analysts’ $2.22 billion estimate, and EPS of -$0.27. Analysts’ consensus rating was Hold, with a $17 price target.

Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Get Free Report) saw a large decline in short interest in the month of October. As of October 30th, there was short interest totaling 428,038 shares, a decline of 92.4% from the October 15th total of 5,642,877 shares. Based on an average trading volume of 762,104 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.5% of the shares of the company are sold short.

Lufax Stock Down 8.6%

Lufax stock traded down $0.68 during trading hours on Tuesday, hitting $7.20. The stock had a trading volume of 997,081 shares, compared to its average volume of 153,863. The stock has a market capitalization of $624.28 million, a P/E ratio of -1.18 and a beta of 0.80. The stock's 50-day moving average price is $10.41 and its 200-day moving average price is $16.67. Lufax has a 12-month low of $7.12 and a 12-month high of $32.10. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.08.

Lufax (NYSE:LU - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $10.81 by ($11.08). The firm had revenue of $921.68 million for the quarter, compared to analysts' expectations of $2.22 billion. Equities research analysts anticipate that Lufax will post -1.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Lufax in a report on Thursday, August 13th. Zacks Research raised Lufax from a "strong sell" rating to a "hold" rating in a research note on Monday, September 28th. JPMorgan Chase & Co. raised shares of Lufax from a "neutral" rating to an "overweight" rating and set a $20.00 price objective for the company in a research report on Tuesday, July 28th. Wall Street Zen lowered shares of Lufax from a "sell" rating to a "strong sell" rating in a research note on Saturday. Finally, Deutsche Bank Aktiengesellschaft set a $14.00 target price on shares of Lufax and gave the company a "hold" rating in a report on Thursday, August 27th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $17.00.

Institutional Investors Weigh In On Lufax

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. StoneX Group Inc. acquired a new stake in shares of Lufax during the 3rd quarter worth about $47,000. Asset Management One Co. Ltd. increased its position in shares of Lufax by 8.6% during the third quarter. Asset Management One Co. Ltd. now owns 37,853 shares of the company's stock worth $46,000 after acquiring an additional 2,994 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Lufax in the 2nd quarter valued at about $60,000. Public Employees Retirement System of Ohio purchased a new stake in Lufax during the 2nd quarter worth about $157,000. Finally, Ramsey Quantitative Systems acquired a new position in shares of Lufax in the 2nd quarter valued at $199,000. 69.14% of the stock is owned by institutional investors and hedge funds.

About Lufax

Lufax Holding Ltd. is a China-based financial technology company that provides technology-enabled financial services. Its platform connects individual and small-business borrowers with financial institutions and other funding partners, helping customers access credit and related services. The company also offers wealth management services, including access to investment products for retail customers. Lufax was established in 2011 as part of Ping An Insurance Group and has developed its business around China's financial services market.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.