Lufax (NYSE:LU) Shares Scheduled to Reverse Split on Friday, October 23rd

Key Points

• Lufax scheduled a 1-for-10 reverse stock split effective after the market closes Thursday, October 22, with adjusted trading beginning Friday, October 23.
• Lufax reported quarterly results below expectations, posting a loss of $0.04 per share versus the $1.08 consensus estimate and revenue of $916.61 million versus expectations of $2.22 billion.
• Analyst sentiment remains mixed but averages a “Hold” rating, with a consensus price target of $1.70; institutional investors own approximately 69.14% of the company.

Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Free Report)'s stock is 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 closing bell on Thursday, October 22nd.

Lufax Price Performance

LU opened at $1.01 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.72 and a quick ratio of 1.72. The company has a market capitalization of $879.69 million, a price-to-earnings ratio of -1.66 and a beta of 0.69. The firm's fifty day moving average price is $1.33 and its two-hundred day moving average price is $1.53. Lufax has a 1 year low of $1.00 and a 1 year high of $4.10.

Lufax (NYSE:LU - Get Free Report) last posted its earnings results 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 firm had revenue of $916.61 million for the quarter, compared to analysts' expectations of $2.22 billion. As a group, analysts anticipate that Lufax will post -0.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of Lufax from a "strong sell" rating to a "hold" rating in a research report on Monday, September 28th. Deutsche Bank Aktiengesellschaft set a $1.40 target price on shares of Lufax and gave the stock a "hold" rating in a research report on Thursday, August 27th. Wall Street Zen lowered Lufax from a "hold" rating to a "sell" rating in a report on Saturday, August 22nd. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Lufax in a research report on Thursday, August 13th. Finally, JPMorgan Chase & Co. upgraded 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. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Lufax presently has an average rating of "Hold" and an average target price of $1.70.

Institutional Investors Weigh In On Lufax

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alpine Investment Management Ltd lifted its holdings in Lufax by 91.9% during the 4th 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. Barometer Capital Management Inc. grew its holdings in Lufax by 7,538.6% during the 1st quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company's stock valued at $1,000,000 after buying an additional 527,700 shares in the last quarter. California Public Employees Retirement System increased 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 valued at $615,000 after buying an additional 7,608 shares during the period. Bank of New York Mellon Corp increased its position in shares of Lufax by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 318,365 shares of the company's stock valued at $595,000 after buying an additional 14,224 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Lufax by 2.8% in the first quarter. Public Employees Retirement System of Ohio now owns 246,500 shares of the company's stock worth $461,000 after buying an additional 6,600 shares in the last quarter. 69.14% of the stock is currently owned by institutional investors.

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.

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