Lufax (NYSE:LU) Shares Up 10.5% - Should You Buy?
Lufax Holding Ltd. (NYSE:LU) shares surged 10.5% to $3.0930 during mid-day trading, despite a 72% decline in trading volume. Analysts have mixed views, with Wall Street Zen upgrading the stock to 'hold' while Weiss Ratings maintains a 'sell' rating. The stock has a market cap of $2.67 billion and a consensus rating of 'sell'. Institutional investors hold 69.14% of the stock, with significant increases in stakes from firms like Mirae Asset and Allianz Asset Management. Lufax provides financial services, including loans and wealth management products.
Lufax Holding Ltd. Sponsored ADR (NYSE:LU - Get Free Report) shares shot up 10.5% during mid-day trading on Friday . The stock traded as high as $3.04 and last traded at $3.0930. 893,354 shares traded hands during trading, a decline of 72% from the average session volume of 3,197,617 shares. The stock had previously closed at $2.80.
Wall Street Analysts Forecast Growth
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Several research firms have recently issued reports on LU. Wall Street Zen raised Lufax from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Weiss Ratings reissued a "sell (d)" rating on shares of Lufax in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of "Sell".
Get Our Latest Stock Report on LU
Lufax Trading Up 9.8%
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The business has a 50-day moving average price of $3.34 and a 200 day moving average price of $3.01. The stock has a market cap of $2.67 billion, a PE ratio of -3.99 and a beta of 0.76.
Institutional Trading of Lufax
Institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in Lufax by 44.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,017 shares of the company's stock worth $71,000 after acquiring an additional 7,417 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Lufax by 18.4% in the 1st quarter. Allianz Asset Management GmbH now owns 1,764,470 shares of the company's stock worth $5,240,000 after purchasing an additional 274,540 shares in the last quarter. Cape Ann Asset Management Ltd purchased a new position in shares of Lufax in the 1st quarter worth about $3,180,000. 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, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Lufax by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 70,969 shares of the company's stock valued at $211,000 after acquiring an additional 7,122 shares during the period. Hedge funds and other institutional investors own 69.14% of the company's stock.
About Lufax
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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.
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