Lufax (NYSE:LU) Shares Gap Down Following Weak Earnings

Lufax Holding Ltd (NYSE:LU) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $2.73, but opened at $2.30. Lufax shares last traded at $2.46, with a volume of 2,347,455 shares changing hands.

The company reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.26). Lufax had a negative net margin of 2.17% and a negative return on equity of 0.72%. The company had revenue of $822.36 million during the quarter. During the same period last year, the business earned $0.24 EPS.

Wall Street Analyst Weigh In

Separately, Bank of America reduced their price objective on shares of Lufax from $5.22 to $2.75 and set a “neutral” rating for the company in a research note on Friday.

Hedge Funds Weigh In On Lufax

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Panagora Asset Management Inc. acquired a new position in Lufax during the second quarter worth about $26,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Lufax during the first quarter worth about $60,000. SIH Partners LLLP purchased a new stake in shares of Lufax during the second quarter worth about $65,000. PFG Investments LLC purchased a new stake in shares of Lufax during the first quarter worth about $76,000. Finally, PDS Planning Inc purchased a new stake in shares of Lufax during the first quarter worth about $78,000. Institutional investors and hedge funds own 69.14% of the company’s stock.

Lufax Trading Down 2.4 %

The firm has a market capitalization of $1.31 billion, a PE ratio of -16.32, a P/E/G ratio of 0.36 and a beta of 0.83. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.07. The business’s fifty day moving average price is $2.68 and its 200 day moving average price is $3.30.

Lufax Company Profile

Lufax Holding Ltd operates as a financial service empowering institution for small and micro businesses in China. The company offers loan products, including general unsecured loans and secured loans, as well as consumer finance loans. It also provides wealth management products, such as asset management plans, mutual fund products, private investment fund products, and trust products.