Lufax (NYSE:LU) Shares Gap Down Following Weak Earnings

Lufax Holding Ltd (NYSE:LU)’s share price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $2.73, but opened at $2.30. Lufax shares last traded at $2.46, with a volume of 2,347,455 shares changing hands.

The company reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.26). The firm had revenue of $822.36 million for the quarter. Lufax had a negative return on equity of 0.72% and a negative net margin of 2.17%. During the same period in the prior year, the company earned $0.24 EPS.

Analysts Set New Price Targets

Separately, Bank of America lowered their price target on shares of Lufax from $5.22 to $2.75 and set a “neutral” rating for the company in a research report on Friday.

Hedge Funds Weigh In On Lufax

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. grew its position in Lufax by 15.9% in the 2nd quarter. Baillie Gifford & Co. now owns 14,011,971 shares of the company’s stock valued at $33,208,000 after buying an additional 1,922,185 shares in the last quarter. Yunqi Capital Ltd grew its position in Lufax by 39.4% in the 1st quarter. Yunqi Capital Ltd now owns 7,092,640 shares of the company’s stock valued at $29,931,000 after buying an additional 2,002,873 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Lufax by 5,000.2% in the 1st quarter. Acadian Asset Management LLC now owns 3,036,225 shares of the company’s stock valued at $12,798,000 after acquiring an additional 2,976,693 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Lufax by 6.0% in the 2nd quarter. Renaissance Technologies LLC now owns 2,688,219 shares of the company’s stock valued at $6,371,000 after acquiring an additional 152,025 shares during the last quarter. Finally, Caxton Associates LP acquired a new stake in Lufax in the 2nd quarter valued at about $2,152,000. Institutional investors own 69.14% of the company’s stock.

Lufax Stock Down 2.4 %

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.70 and a current ratio of 1.70. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -16.32, a P/E/G ratio of 0.36 and a beta of 0.83. The stock’s fifty day simple moving average is $2.68 and its two-hundred day simple moving average is $3.30.

About Lufax

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.