Lufax (NYSE:LU) Shares Gap Up – Time to Buy?

Lufax Holding Ltd. Sponsored ADR (NYSE:LU) gapped up before the market opened on Monday. The stock had previously closed at $8.06, but opened at $9.01. Lufax shares last traded at $8.59, with a volume of 69,106 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on LU shares. JPMorgan Chase & Co. upgraded shares of Lufax from a “neutral” rating to an “overweight” rating and set a $20.00 price objective on the stock in a research note on Tuesday, July 28th. 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. Zacks Research upgraded shares of Lufax from a “strong sell” rating to a “hold” rating in a research report on Monday, September 28th. Wall Street Zen downgraded shares of Lufax from a “hold” rating to a “sell” rating in a research report on Saturday, August 22nd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Lufax in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.00.

Lufax Stock Up 0.4%

The company’s fifty day moving average is $11.40 and its 200-day moving average is $17.48.

Lufax (NYSE:LU) last posted its quarterly earnings results on Wednesday, October 28th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of $10.81 by ($11.08). The business had revenue of $921.68 million for the quarter, compared to analyst estimates of $2.22 billion. As a group, analysts predict that Lufax Holding Ltd. Sponsored ADR will post -2.90 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lufax

Several institutional investors have recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. raised its holdings in Lufax by 8.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 37,853 shares of the company’s stock valued at $46,000 after buying an additional 2,994 shares during the period. Engineers Gate Manager LP bought a new stake in shares of Lufax in the 2nd quarter worth about $60,000. Public Employees Retirement System of Ohio bought a new stake in shares of Lufax in the 2nd quarter worth about $157,000. Ramsey Quantitative Systems purchased a new position in shares of Lufax during the 2nd quarter worth about $199,000. Finally, Barometer Capital Management Inc. boosted its stake in shares of Lufax by 7,538.6% during the 1st quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company’s stock worth $1,000,000 after purchasing an additional 527,700 shares during the period. Hedge funds and other institutional investors own 69.14% of the company’s stock.

About Lufax

Lufax Holding Ltd. (NYSE: LU) is a China-based financial services technology company that operates digital platforms for retail and small-business finance. The company connects consumers and small-business owners with financial products and services through online channels and technology-enabled processes.

Lufax’s business has historically included retail lending, wealth management and related financial services. Its platforms have provided access to consumer and small-business loans, investment products and other services offered in cooperation with financial institutions.