Chagee (NASDAQ:CHA) Shares Gap Up – Still a Buy?

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) shares gapped up prior to trading on Monday . The stock had previously closed at $10.80, but opened at $11.21. Chagee shares last traded at $11.5650, with a volume of 459,349 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CHA shares. The Goldman Sachs Group initiated coverage on shares of Chagee in a research note on Sunday, June 21st. They set a “neutral” rating and a $13.60 price target for the company. Weiss Ratings lowered shares of Chagee from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, July 30th. Wall Street Zen downgraded shares of Chagee from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. CLSA assumed coverage on Chagee in a research report on Sunday, May 31st. They set a “hold” rating and a $10.00 target price for the company. Finally, Zacks Research raised Chagee from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Chagee currently has a consensus rating of “Hold” and a consensus target price of $14.68.

Chagee Stock Performance

The company has a fifty day simple moving average of $11.05 and a two-hundred day simple moving average of $10.80. The firm has a market capitalization of $2.09 billion, a PE ratio of 11.29 and a beta of 1.57.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CHA. JPMorgan Chase & Co. bought a new stake in shares of Chagee in the 2nd quarter valued at about $26,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Chagee by 3,141.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,885 shares of the company’s stock valued at $34,000 after purchasing an additional 2,796 shares in the last quarter. Quantbot Technologies LP purchased a new position in Chagee during the third quarter valued at approximately $34,000. Geode Capital Management LLC purchased a new position in Chagee during the fourth quarter valued at approximately $147,000. Finally, Federated Hermes Inc. bought a new position in Chagee in the second quarter worth approximately $172,000.

About Chagee

Our Mission With every cup of our tea, we aspire to foster a global connection of people and cultures. Our Vision To modernize the tea-drinking experience through technology and innovation. Our Core Values “Customer First” is the foundational philosophy of how we make decisions and run our business. “Caring for Partners” is the core value that defines how we interact with consumers, franchise partners, suppliers, and employees. “Quality, Health, and Convenience” is the guiding principle of how we make our products.