Lufax (NYSE:LU) Shares Down 4.7% on Disappointing Earnings

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s share price was down 4.7% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $8.15 and last traded at $8.08. Approximately 39,429 shares changed hands during trading, a decline of 71% from the average session volume of 136,593 shares. The stock had previously closed at $8.48.

The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $10.81 by ($11.08). The firm had revenue of $921.68 million during the quarter, compared to the consensus estimate of $2.22 billion.

Analysts Set New Price Targets

LU has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of Lufax in a report on Thursday, August 13th. Zacks Research upgraded shares of Lufax from a “strong sell” rating to a “hold” rating in a research note on Monday, September 28th. Deutsche Bank Aktiengesellschaft set a $14.00 price objective on shares of Lufax and gave the company a “hold” rating in a research report on Thursday, August 27th. Wall Street Zen lowered shares of Lufax from a “hold” rating to a “sell” rating in a research note on Saturday, August 22nd. Finally, JPMorgan Chase & Co. upgraded shares of Lufax from a “neutral” rating to an “overweight” rating and set a $20.00 price objective on the stock in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Lufax has a consensus rating of “Hold” and a consensus price target of $17.00.

Institutional Trading of Lufax

Hedge funds have recently modified their holdings of the stock. Asset Management One Co. Ltd. grew its stake in Lufax by 8.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 37,853 shares of the company’s stock valued at $46,000 after buying an additional 2,994 shares during the last quarter. Engineers Gate Manager LP bought a new position in Lufax in the 2nd quarter valued at about $60,000. Public Employees Retirement System of Ohio bought a new position in Lufax in the 2nd quarter valued at about $157,000. Ramsey Quantitative Systems bought a new position in Lufax in the 2nd quarter valued at about $199,000. Finally, Barometer Capital Management Inc. lifted its position in Lufax by 7,538.6% during the first quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company’s stock worth $1,000,000 after acquiring an additional 527,700 shares during the last quarter. Institutional investors and hedge funds own 69.14% of the company’s stock.

Lufax Price Performance

The company’s 50-day simple moving average is $11.25 and its 200-day simple moving average is $17.39. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.72 and a quick ratio of 1.72. The stock has a market capitalization of $708.61 million, a price-to-earnings ratio of -1.34 and a beta of 0.69.

Lufax Company Profile

Lufax Holding Ltd. (NYSE: LU) is a China-based financial services technology company that operates digital platforms for retail and small-business finance. The company connects consumers and small-business owners with financial products and services through online channels and technology-enabled processes.

Lufax’s business has historically included retail lending, wealth management and related financial services. Its platforms have provided access to consumer and small-business loans, investment products and other services offered in cooperation with financial institutions.