Lufax (NYSE:LU) Reaches New 1-Year Low - Here's What Happened

Key Points

• Lufax shares fell 11.3% to a new 52-week low of $1.13, with the stock trading below its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed but cautious: Lufax has an average “Hold” rating and a $1.70 price target, with ratings ranging from Buy to Sell.
• The company reported a significant quarterly earnings and revenue miss, while a 1-for-10 reverse stock split was scheduled for October 23.

Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Get Free Report)'s stock price reached a new 52-week low during trading on Friday. The company traded as low as $1.13 and last traded at $1.1350, with a volume of 1047071 shares traded. The stock had previously closed at $1.19.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a "sell (d)" rating on shares of Lufax in a research report on Thursday, August 13th. JPMorgan Chase & Co. raised shares of Lufax from a "neutral" rating to an "overweight" rating and set a $2.00 price target for the company in a research report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft set a $1.40 price target on shares of Lufax and gave the stock a "hold" rating in a research note on Thursday, August 27th. Wall Street Zen downgraded Lufax from a "hold" rating to a "sell" rating in a report on Saturday, August 22nd. Finally, Zacks Research upgraded Lufax from a "strong sell" rating to a "hold" rating in a research note on Monday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Lufax has an average rating of "Hold" and an average target price of $1.70.

Lufax Stock Down 11.3%

The firm has a market capitalization of $914.36 million, a price-to-earnings ratio of -1.73 and a beta of 0.69. The firm has a fifty day moving average price of $1.36 and a 200 day moving average price of $1.56. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.08.

Lufax shares are going to reverse split on Friday, October 23rd. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, October 22nd.

Lufax (NYSE:LU - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($1.12). The business had revenue of $916.61 million during the quarter, compared to analysts' expectations of $2.22 billion. Sell-side analysts anticipate that Lufax Holding Ltd. Sponsored ADR will post -0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LU. Barometer Capital Management Inc. increased its position in Lufax by 7,538.6% in the 1st quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company's stock valued at $1,000,000 after acquiring an additional 527,700 shares in the last quarter. 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 purchasing an additional 3,881,500 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Lufax by 2.4% during the first quarter. California Public Employees Retirement System now owns 329,089 shares of the company's stock worth $615,000 after purchasing an additional 7,608 shares in the last quarter. Fulton Bank N.A. bought a new stake in shares of Lufax during the first quarter valued at approximately $27,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Lufax during the second quarter valued at approximately $60,000. Institutional investors and hedge funds own 69.14% of the company's stock.

About Lufax

Lufax Holding Ltd. NYSE: LU is a China-based financial technology company that provides technology-enabled retail and small-business financial services. Its platform has connected borrowers, financial institutions and investors, with services focused primarily on consumer and small-business lending, wealth management and related financial products.

The company uses data analytics, digital platforms and risk-management technologies to support customer acquisition, credit assessment, loan servicing and financial-product distribution.

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.