Lufax (NYSE:LU) Shares Gap Up – Still a Buy?

Lufax Holding Ltd. Sponsored ADR (NYSE:LU)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $2.69, but opened at $2.99. Lufax shares last traded at $3.1250, with a volume of 1,902,398 shares trading hands.

Lufax Trading Up 16.2%

The company has a market cap of $2.71 billion, a P/E ratio of -4.06 and a beta of 0.63. The business’s 50 day simple moving average is $2.67 and its 200 day simple moving average is $2.92.

Lufax (NYSE:LU) last announced its quarterly earnings data on Tuesday, February 17th. The company reported ($1.19) earnings per share (EPS) for the quarter. The firm had revenue of $724.89 million for the quarter. Sell-side analysts anticipate that Lufax Holding Ltd. Sponsored ADR will post -0.41 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Yunqi Capital Ltd lifted its holdings in Lufax by 42.3% during the second quarter. Yunqi Capital Ltd now owns 10,098,040 shares of the company’s stock worth $28,174,000 after buying an additional 3,000,000 shares during the period. Norges Bank acquired a new position in shares of Lufax in the 2nd quarter valued at $4,927,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in Lufax by 58.4% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,311,555 shares of the company’s stock valued at $9,239,000 after purchasing an additional 1,221,383 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Lufax by 14.4% in the second quarter. Asset Management One Co. Ltd. now owns 40,140 shares of the company’s stock worth $112,000 after purchasing an additional 5,043 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in Lufax in the second quarter valued at approximately $28,000. Hedge funds and other institutional investors 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.