Lufax (NYSE:LU) Stock Price Down 7.4% – Here’s What Happened

Lufax Holding Ltd (NYSE:LU) fell 7.4% during trading on Tuesday . The company traded as low as $2.28 and last traded at $2.31. 1,363,378 shares changed hands during trading, a decline of 51% from the average session volume of 2,778,317 shares. The stock had previously closed at $2.49.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reissued a “hold” rating and issued a $3.20 price objective on shares of Lufax in a report on Thursday, October 24th.

Lufax Price Performance

The stock has a market capitalization of $1.99 billion, a P/E ratio of -2.98, a price-to-earnings-growth ratio of 0.99 and a beta of 0.84. The stock has a fifty day moving average price of $2.49 and a 200 day moving average price of $2.65.

Institutional Trading of Lufax

Several institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. raised its position in Lufax by 4.3% during the third quarter. Baillie Gifford & Co. now owns 14,617,105 shares of the company’s stock valued at $51,014,000 after purchasing an additional 605,134 shares in the last quarter. State Street Corp increased its stake in Lufax by 3.2% in the 3rd quarter. State Street Corp now owns 4,960,609 shares of the company’s stock worth $17,313,000 after purchasing an additional 155,006 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Lufax by 43.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,102,895 shares of the company’s stock worth $10,829,000 after purchasing an additional 936,048 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Lufax in the 2nd quarter worth approximately $1,114,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Lufax by 13.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 449,409 shares of the company’s stock worth $1,568,000 after purchasing an additional 51,890 shares during the period. 69.14% of the stock is currently owned by hedge funds and other institutional investors.

Lufax Company Profile

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.