Lufax (NYSE:LU) Lowered to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Lufax (NYSE:LU) from a hold rating to a strong sell rating in a research note published on Thursday morning,Zacks.com reports.

LU has been the subject of several other reports. Weiss Ratings reissued a “sell (d)” rating on shares of Lufax in a research note on Monday, May 18th. JPMorgan Chase & Co. raised Lufax from a “neutral” rating to an “overweight” rating and set a $2.00 price objective for the company in a research note on Tuesday. Finally, Wall Street Zen raised shares of Lufax from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Lufax has an average rating of “Reduce” and an average target price of $2.00.

Lufax Price Performance

Shares of NYSE:LU opened at $1.57 on Thursday. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -2.02 and a beta of 0.79. The stock’s 50 day moving average price is $1.41 and its 200 day moving average price is $1.97. Lufax has a 12 month low of $1.20 and a 12 month high of $4.57.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LU. Barometer Capital Management Inc. boosted its stake in Lufax by 7,538.6% during the 1st quarter. Barometer Capital Management Inc. now owns 534,700 shares of the company’s stock valued at $1,000,000 after purchasing an additional 527,700 shares during the period. Alpine Investment Management Ltd lifted its holdings in shares of Lufax by 91.9% during the fourth quarter. Alpine Investment Management Ltd now owns 8,106,500 shares of the company’s stock worth $20,753,000 after buying an additional 3,881,500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Lufax by 33.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 79,727 shares of the company’s stock worth $214,000 after buying an additional 19,885 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Lufax in the fourth quarter valued at approximately $246,000. Finally, Amundi boosted its position in shares of Lufax by 44.4% in the fourth quarter. Amundi now owns 93,820 shares of the company’s stock valued at $240,000 after acquiring an additional 28,842 shares during the period. 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.