Lufax (NYSE:LU) Stock Price Rises 7% - Is Now the Right Time to Invest?

Lufax Holding Ltd (NYSE:LU) has seen its stock price increase by 7% in mid-day trading on Friday. The stock reached a high of $3.14 before closing at $3.15. During the trading session, a total of 785,651 shares changed hands, which represents a significant drop of 77% from the average daily volume of 3,343,612 shares. The previous closing price was $2.94.

Recent Analyst Ratings

In a separate note, Jefferies Financial Group reaffirmed a 'hold' rating for Lufax and set a target price of $3.20 in a research report released on October 24.

Stock Performance Overview

Lufax's current 50-day moving average stands at $2.51, while its 200-day moving average is $2.62. The company has a market capitalization of approximately $2.67 billion and a price-to-earnings (P/E) ratio of -3.98, with a beta of 0.84, indicating it is less volatile compared to the market.

Institutional Ownership Changes

Several institutional investors have made adjustments to their positions in Lufax recently. Baillie Gifford & Co. increased its stake in Lufax by 4.3% during the third quarter and now holds 14,617,105 shares worth about $51 million after acquiring an additional 605,134 shares. Additionally, JPMorgan Chase & Co. raised its position by 27.5%, currently owning 63,235 shares valued at $221,000 after purchasing an extra 13,630 shares. Charles Schwab Investment Management Inc. expanded its holding in Lufax by 43.2%, now possessing 3,102,895 shares valued at $10.83 million, thanks to acquiring 936,048 additional shares in the last quarter. State Street Corp also increased its position by 3.2%, owning 4,960,609 shares worth around $17.3 million after a recent purchase of 155,006 shares. Lastly, the Public Employees Retirement System of Ohio initiated a new position in Lufax worth approximately $1.48 million. Overall, institutional investors now control about 69.14% of Lufax's stock.

Company Background

Lufax Holding Ltd is a financial services provider focused on empowering small and micro businesses in China. The company offers various loan products, including general unsecured loans, secured loans, and consumer finance loans. Additionally, Lufax provides wealth management solutions such as asset management plans, mutual fund products, private investment fund products, and trust services.

Conclusion: Is Lufax a Good Investment?

Before deciding to invest in Lufax, it is essential to consider the opinions of industry analysts. MarketBeat tracks top-rated analysts and their stock recommendations on a daily basis, noting that while Lufax currently holds a 'hold' rating, there are alternative stocks that top analysts believe may be better investment options right now.

Lufax, Stock, Investment