Lufax (NYSE:LU) Stock Price Down 11.8% – Here’s What Happened

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s share price fell 11.8% during trading on Friday . The stock traded as low as $3.98 and last traded at $3.85. 863,227 shares changed hands during trading, a decline of 73% from the average session volume of 3,201,956 shares. The stock had previously closed at $4.36.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LU. Wall Street Zen upgraded Lufax from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Weiss Ratings restated a “sell (d)” rating on shares of Lufax in a research note on Saturday, September 27th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Sell” and an average price target of $3.20.

Lufax Price Performance

The company has a 50-day simple moving average of $3.12 and a 200-day simple moving average of $2.93. The stock has a market cap of $3.47 billion, a PE ratio of -5.20 and a beta of 0.76.

Institutional Trading of Lufax

Several large investors have recently bought and sold shares of the company. Hudson Bay Capital Management LP acquired a new stake in Lufax in the second quarter valued at $58,000. Headlands Technologies LLC grew its holdings in Lufax by 245.1% in the second quarter. Headlands Technologies LLC now owns 26,928 shares of the company’s stock valued at $75,000 after purchasing an additional 19,126 shares during the last quarter. Bank of America Corp DE grew its holdings in Lufax by 36.2% in the second quarter. Bank of America Corp DE now owns 1,091,923 shares of the company’s stock valued at $3,046,000 after purchasing an additional 290,330 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in Lufax in the second quarter valued at $2,276,000. Finally, Sei Investments Co. grew its holdings in Lufax by 130.1% in the second quarter. Sei Investments Co. now owns 75,448 shares of the company’s stock valued at $210,000 after purchasing an additional 42,654 shares during the last quarter. 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.