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

Lufax Holding Ltd (NYSE:LU)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $2.53, but opened at $2.62. Lufax shares last traded at $2.61, with a volume of 737,542 shares changing hands.

Analysts Set New Price Targets

Separately, Jefferies Financial Group reiterated a “hold” rating and issued a $3.20 target price on shares of Lufax in a research note on Thursday, October 24th.

Lufax Stock Performance

The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -3.41 and a beta of 0.84. The firm’s 50-day simple moving average is $2.49 and its 200-day simple moving average is $2.62.

Institutional Trading of Lufax

Several hedge funds and other institutional investors have recently bought and sold shares of LU. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Lufax during the 4th quarter valued at about $369,000. Pictet Asset Management Holding SA lifted its holdings in Lufax by 230.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 17,282 shares of the company’s stock valued at $41,000 after purchasing an additional 12,048 shares during the last quarter. Norges Bank bought a new position in Lufax during the 4th quarter valued at about $4,221,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Lufax by 11.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 63,847 shares of the company’s stock valued at $152,000 after purchasing an additional 6,519 shares during the last quarter. Finally, Leading Securities Co Ltd bought a new position in Lufax during the 4th quarter valued at about $458,000. 69.14% of the stock is currently owned by institutional investors and hedge funds.

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.