Wall Street Zen Downgrades Lufax (NYSE:LU) to Sell

Lufax (NYSE:LU) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Lufax Price Performance

Lufax stock opened at $2.82 on Friday. The firm’s fifty day moving average price is $2.70 and its 200 day moving average price is $2.93. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -3.66 and a beta of 0.63. Lufax has a 12-month low of $2.30 and a 12-month high of $4.57.

Lufax (NYSE:LU) last announced its earnings results on Tuesday, February 17th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.19). The firm had revenue of $724.89 million during the quarter, compared to the consensus estimate of $761.36 million. Analysts forecast that Lufax will post -0.41 earnings per share for the current fiscal year.

Institutional Trading of Lufax

A number of hedge funds have recently made changes to their positions in LU. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Lufax in the second quarter worth $28,000. May Hill Capital LLC acquired a new position in Lufax during the 2nd quarter worth $34,000. Scientech Research LLC bought a new stake in shares of Lufax in the 3rd quarter worth about $46,000. Hudson Bay Capital Management LP acquired a new stake in shares of Lufax in the 2nd quarter valued at about $58,000. Finally, Headlands Technologies LLC lifted its position in shares of Lufax by 245.1% during the second quarter. Headlands Technologies LLC now owns 26,928 shares of the company’s stock worth $75,000 after purchasing an additional 19,126 shares during the last quarter. Institutional investors and hedge funds own 69.14% of the company’s stock.

About Lufax

Lufax (NYSE: LU) is a leading provider of online wealth management and personal finance services in China. Established in 2011 as a spin-off from Ping An Insurance (Group) Company of China, Lufax has developed a digital ecosystem designed to match retail and institutional investors with a diverse array of financial products. The company went public on the New York Stock Exchange in October 2020, underscoring its ambition to expand beyond its domestic market.

The firm’s core business activities include peer-to-peer lending, consumer finance, supply chain and small-business lending, as well as online asset management.