Lufax (NYSE:LU) Shares Gap Up – Still a Buy?

Shares of Lufax Holding Ltd (NYSE:LU) gapped up before the market opened 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.

Analyst Ratings Changes

Separately, Jefferies Financial Group reissued a “hold” rating and set a $3.20 price target on shares of Lufax in a research note on Thursday, October 24th.

Lufax Stock Performance

The stock has a 50 day moving average price of $2.49 and a 200 day moving average price of $2.62.

Institutional Trading of Lufax

A number of hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Lufax in the third quarter worth approximately $66,000. Polunin Capital Partners Ltd acquired a new position in shares of Lufax in the third quarter worth approximately $313,000. Baillie Gifford & Co. lifted its stake 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 acquiring an additional 605,134 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in 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 in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in Lufax by 14.7% in the third quarter. Daiwa Securities Group Inc. now owns 73,275 shares of the company’s stock worth $256,000 after purchasing an additional 9,400 shares in the last quarter. 69.14% of the stock is owned by institutional investors and hedge funds.

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.