Lufax (NYSE:LU) Reaches New 12-Month Low Following Weak Earnings

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s share price hit a new 52-week low on Thursday following a dissappointing earnings announcement. The stock traded as low as $2.17 and last traded at $2.1950, with a volume of 258061 shares traded. The stock had previously closed at $2.26.

The company reported ($1.19) earnings per share (EPS) for the quarter. The company had revenue of $724.89 million during the quarter.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Lufax from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Two research analysts have rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Hedge Funds Weigh In On Lufax

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Lufax by 2.8% in the third quarter. Vanguard Group Inc. now owns 12,399,445 shares of the company’s stock valued at $50,342,000 after acquiring an additional 335,480 shares in the last quarter. Yunqi Capital Ltd grew its holdings in Lufax by 8.4% during the 3rd quarter. Yunqi Capital Ltd now owns 10,950,138 shares of the company’s stock worth $44,458,000 after acquiring an additional 852,098 shares in the last quarter. Alpine Investment Management Ltd increased its position in shares of Lufax by 91.9% in the 4th quarter. Alpine Investment Management Ltd now owns 8,106,500 shares of the company’s stock valued at $20,753,000 after purchasing an additional 3,881,500 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Lufax by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,802,005 shares of the company’s stock valued at $14,853,000 after purchasing an additional 240,225 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Lufax in the 4th quarter valued at $8,067,000. 69.14% of the stock is owned by institutional investors and hedge funds.

Lufax Stock Performance

The company’s 50-day moving average price is $2.62 and its 200-day moving average price is $2.87. The firm has a market capitalization of $1.90 billion, a PE ratio of -2.81 and a beta of 0.64.

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.