Luckin Coffee (OTCMKTS:LKNCY) Trading 6.3% Higher – Here’s Why

Luckin Coffee Inc. Sponsored ADR (OTCMKTS:LKNCY) shares shot up 6.3% during mid-day trading on Wednesday . The stock traded as high as $33.63 and last traded at $33.60. Approximately 1,082,452 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 1,526,034 shares. The stock had previously closed at $31.60.

Analysts Set New Price Targets

LKNCY has been the topic of several research analyst reports. The Goldman Sachs Group set a $49.00 target price on Luckin Coffee and gave the stock a “buy” rating in a report on Sunday, June 21st. Jefferies Financial Group began coverage on shares of Luckin Coffee in a research report on Tuesday, June 9th. They set a “buy” rating and a $43.60 price target on the stock. Finally, Zacks Research raised shares of Luckin Coffee from a “strong sell” rating to a “hold” rating in a report on Monday, April 6th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $48.20.

Luckin Coffee Trading Up 2.2%

The stock has a market cap of $9.44 billion, a price-to-earnings ratio of 20.58 and a beta of -0.33. The firm has a fifty day simple moving average of $31.77 and a 200-day simple moving average of $33.34.

Luckin Coffee Company Profile

Luckin Coffee Inc is a China-based coffeehouse chain that combines a digitally driven ordering platform with a network of physical outlets. The company’s mobile app and in-store kiosks enable customers to place orders for takeaway or delivery, while its proprietary supply chain supports rapid store expansion and consistent product quality. Luckin’s retail portfolio includes “grab-and-go” pickup points, delivery-only kitchens and full-service cafés designed to meet the varied needs of urban consumers.

Luckin’s menu features a broad range of espresso-based drinks, including lattes, Americanos and cold brews, complemented by tea-based beverages, fruit juices and a selection of light food items such as sandwiches and pastries.