Lufax (NYSE:LU) Shares Gap Up – Time to Buy?

Lufax Holding Ltd (NYSE:LU)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $2.53, but opened at $2.62. Lufax shares last traded at $2.61, with a volume of 737,542 shares trading hands.

Analysts Set New Price Targets

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

Lufax Trading Up 3.8 %

The company has a market cap of $2.28 billion, a PE ratio of -3.41 and a beta of 0.84. The business’s 50-day simple moving average is $2.49 and its 200-day simple moving average is $2.62.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. EWA LLC bought a new position in shares of Lufax during the 3rd quarter valued at $45,000. Soltis Investment Advisors LLC acquired a new position in Lufax in the 3rd quarter valued at $52,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Lufax by 102.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,600 shares of the company’s stock valued at $40,000 after buying an additional 8,382 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in Lufax by 230.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 17,282 shares of the company’s stock valued at $41,000 after buying an additional 12,048 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Lufax in the 3rd quarter valued at $66,000. Institutional investors own 69.14% of the company’s stock.

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.