Lufax (NYSE:LU) Shares Gap Down – Here’s What Happened

Lufax Holding Ltd (NYSE:LU) gapped down before the market opened on Friday . The stock had previously closed at $2.34, but opened at $2.25. Lufax shares last traded at $2.29, with a volume of 224,830 shares traded.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on LU shares. Bank of America dropped their price target on Lufax from $5.22 to $2.75 and set a “neutral” rating on the stock in a research note on Friday, August 23rd. Jefferies Financial Group reissued a “hold” rating and issued a $3.20 price objective on shares of Lufax in a report on Thursday, October 24th.

Lufax Stock Performance

The company has a market cap of $2.04 billion, a price-to-earnings ratio of -3.05 and a beta of 0.90. The business has a fifty day moving average price of $2.85 and a 200 day moving average price of $2.90.

Lufax (NYSE:LU) last released its quarterly earnings data 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 return on equity of 3.63% and a negative net margin of 12.75%. During the same period last year, the company posted $0.04 EPS. As a group, equities analysts anticipate that Lufax Holding Ltd will post -0.48 EPS for the current year.

Hedge Funds Weigh In On Lufax

A number of hedge funds have recently modified their holdings of LU. Baillie Gifford & Co. grew its holdings in Lufax by 4.3% during the 3rd quarter. Baillie Gifford & Co. now owns 14,617,105 shares of the company’s stock worth $51,014,000 after acquiring an additional 605,134 shares during the period. State Street Corp raised its stake in Lufax by 3.2% during the 3rd quarter. State Street Corp now owns 4,960,609 shares of the company’s stock worth $17,313,000 after buying an additional 155,006 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lufax by 43.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,102,895 shares of the company’s stock worth $10,829,000 after purchasing an additional 936,048 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Lufax by 6.0% during the second quarter. Renaissance Technologies LLC now owns 2,688,219 shares of the company’s stock worth $6,371,000 after buying an additional 152,025 shares during the last quarter. Finally, Caxton Associates LP acquired a new stake in shares of Lufax in the 2nd quarter worth about $2,152,000. Institutional investors and hedge funds own 69.14% of the company’s stock.

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.