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

Lufax Holding Ltd. Sponsored ADR (NYSE:LU) gapped down prior to trading on Friday . The stock had previously closed at $3.21, but opened at $3.04. Lufax shares last traded at $3.34, with a volume of 2,072,376 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LU shares. 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. Two equities research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Lufax Trading Up 3.0%

The business has a fifty day moving average price of $3.33 and a 200-day moving average price of $3.00. The stock has a market capitalization of $2.86 billion, a PE ratio of -4.29 and a beta of 0.76.

Hedge Funds Weigh In On Lufax

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Yunqi Capital Ltd boosted its holdings in shares of Lufax by 42.3% in the 2nd quarter. Yunqi Capital Ltd now owns 10,098,040 shares of the company’s stock worth $28,174,000 after purchasing an additional 3,000,000 shares in the last quarter. Tiger Pacific Capital LP boosted its holdings in Lufax by 71.7% during the 1st quarter. Tiger Pacific Capital LP now owns 6,757,978 shares of the company’s stock valued at $20,071,000 after acquiring an additional 2,821,316 shares during the period. Acadian Asset Management LLC boosted its holdings in Lufax by 163.4% during the 1st quarter. Acadian Asset Management LLC now owns 5,168,650 shares of the company’s stock valued at $15,335,000 after acquiring an additional 3,206,645 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Lufax by 19.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,011,130 shares of the company’s stock valued at $14,883,000 after acquiring an additional 805,292 shares during the period. Finally, Nuveen LLC purchased a new stake in Lufax during the 1st quarter valued at about $14,432,000. 69.14% of the stock is currently owned by hedge funds and other institutional investors.

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.