Lufax (NYSE:LU) Stock Price Up 8.6% Following Analyst Upgrade

Lufax Holding Ltd. Sponsored ADR (NYSE:LU) shares shot up 8.6% during trading on Tuesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $2.00 price target on the stock. Lufax traded as high as $1.59 and last traded at $1.5850. Approximately 566,320 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 1,337,147 shares. The stock had previously closed at $1.46.

A number of other equities analysts have also recently issued reports on LU. Zacks Research upgraded shares of Lufax to a “hold” rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of Lufax from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Lufax in a report on Monday, May 18th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.00.

Institutional Investors Weigh In On Lufax

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Fulton Bank N.A. bought a new stake in Lufax during the first quarter valued at about $27,000. Scientech Research LLC purchased a new position in shares of Lufax during the 3rd quarter valued at about $46,000. Hudson Bay Capital Management LP purchased a new position in shares of Lufax during the 2nd quarter valued at about $58,000. Headlands Technologies LLC grew its stake in shares of Lufax by 245.1% during the 2nd quarter. Headlands Technologies LLC now owns 26,928 shares of the company’s stock valued at $75,000 after acquiring an additional 19,126 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of Lufax during the 4th quarter valued at approximately $96,000. 69.14% of the stock is currently owned by hedge funds and other institutional investors.

Lufax Stock Performance

The company’s fifty day moving average is $1.43 and its 200-day moving average is $2.00. The company has a market capitalization of $1.38 billion, a PE ratio of -2.04 and a beta of 0.79.

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.