abrdn plc Trims Stake in Lufax Holding Ltd (NYSE:LU)

abrdn plc lessened its holdings in shares of Lufax Holding Ltd (NYSE:LU) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 437,286 shares of the company’s stock after selling 19,226 shares during the period. abrdn plc owned about 0.08% of Lufax worth $1,526,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Panagora Asset Management Inc. acquired a new stake in Lufax during the second quarter worth approximately $26,000. Sequoia Financial Advisors LLC bought a new position in Lufax in the 1st quarter valued at $60,000. SIH Partners LLLP bought a new position in Lufax in the second quarter valued at about $65,000. SG Americas Securities LLC bought a new position in shares of Lufax in the 3rd quarter valued at about $66,000. Finally, Simplicity Wealth LLC bought a new position in shares of Lufax during the second quarter worth $79,000. Institutional investors own 69.14% of the company’s stock.

Lufax Price Performance

Shares of Lufax stock opened at $2.56 on Tuesday. Lufax Holding Ltd has a one year low of $2.00 and a one year high of $4.94. The stock’s 50-day moving average is $2.79 and its 200 day moving average is $3.09. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -3.32 and a beta of 0.90.

Lufax (NYSE:LU) last released its earnings results on Monday, October 21st. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.15). The company had revenue of $789.93 million for the quarter. Lufax had a negative net margin of 12.75% and a negative return on equity of 3.63%. During the same quarter in the previous year, the firm earned $0.04 EPS. On average, sell-side analysts expect that Lufax Holding Ltd will post -0.48 EPS for the current fiscal year.

Analysts Set New Price Targets

LU has been the topic of a number of recent research reports. Jefferies Financial Group reiterated a “hold” rating and issued a $3.20 price objective on shares of Lufax in a report on Thursday, October 24th. Bank of America reduced their target price on Lufax from $5.22 to $2.75 and set a “neutral” rating on the stock in a report on Friday, August 23rd.

About Lufax

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.