Lufax (NYSE:LU – Get Free Report) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
Other research analysts have also issued reports about the company. Weiss Ratings reissued a “sell (d)” rating on shares of Lufax in a research report on Thursday, August 13th. Zacks Research downgraded Lufax from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 30th. Finally, JPMorgan Chase & Co. raised Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 target price for the company in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $2.00.
Read Our Latest Stock Analysis on LU
Lufax Price Performance
Lufax (NYSE:LU – Get Free Report) last posted its earnings results on Tuesday, August 18th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $1.08 by ($1.12). The company had revenue of $916.61 million for the quarter, compared to analyst estimates of $2.22 billion. As a group, analysts predict that Lufax will post -0.29 EPS for the current year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Alpine Investment Management Ltd grew 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 acquiring an additional 3,881,500 shares in the last quarter. Norges Bank bought a new stake in shares of Lufax in the 4th quarter valued at approximately $8,067,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Lufax by 2,378.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,168,162 shares of the company’s stock valued at $6,049,000 after acquiring an additional 2,080,678 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Lufax during the 2nd quarter valued at approximately $2,276,000. Finally, Legal & General Group Plc raised its position in shares of Lufax by 106.5% during the 4th quarter. Legal & General Group Plc now owns 1,560,906 shares of the company’s stock valued at $3,996,000 after acquiring an additional 804,923 shares in the last quarter. 69.14% of the stock is currently owned by hedge funds and other institutional investors.
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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