Lufax (NYSE:LU) Stock Price Down 7.2% – Here’s Why

Lufax Holding Ltd (NYSE:LU) shares dropped 7.2% during mid-day trading on Friday . The company traded as low as $2.91 and last traded at $2.92. Approximately 885,808 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 3,347,753 shares. The stock had previously closed at $3.14.

Lufax Stock Down 7.8 %

The company has a market cap of $2.51 billion, a PE ratio of -3.76 and a beta of 0.84. The business’s fifty day moving average is $2.58 and its 200-day moving average is $2.63.

Hedge Funds Weigh In On Lufax

Institutional investors and hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. boosted its holdings in shares of Lufax by 4.3% in the third quarter. Baillie Gifford & Co. now owns 14,617,105 shares of the company’s stock worth $51,014,000 after buying an additional 605,134 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Lufax by 27.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 63,235 shares of the company’s stock worth $221,000 after acquiring an additional 13,630 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Lufax by 43.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,102,895 shares of the company’s stock worth $10,829,000 after acquiring an additional 936,048 shares during the period. State Street Corp raised its stake in Lufax by 3.2% during the 3rd quarter. State Street Corp now owns 4,960,609 shares of the company’s stock worth $17,313,000 after acquiring an additional 155,006 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new stake in Lufax during the 3rd quarter worth approximately $1,479,000. Hedge funds and other institutional investors own 69.14% of the company’s stock.

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.