Chagee (NASDAQ:CHA) Stock Price Up 6.6% – Here’s Why

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) rose 6.6% on Wednesday . The company traded as high as $11.55 and last traded at $11.62. Approximately 442,115 shares traded hands during trading, a decline of 29% from the average daily volume of 620,449 shares. The stock had previously closed at $10.90.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Morgan Stanley reiterated an “overweight” rating and set a $15.50 price objective on shares of Chagee in a report on Friday, May 29th. JPMorgan Chase & Co. upgraded shares of Chagee from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $11.50 to $16.00 in a report on Thursday, April 2nd. Zacks Research upgraded shares of Chagee from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. CLSA started coverage on shares of Chagee in a research report on Sunday, May 31st. They set a “hold” rating and a $10.00 target price for the company. Finally, Wall Street Zen raised shares of Chagee from a “hold” rating to a “strong-buy” rating in a research report on Saturday. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $19.17.

Chagee Trading Up 8.3%

The stock’s 50-day simple moving average is $10.54 and its 200-day simple moving average is $11.47. The firm has a market capitalization of $2.17 billion, a P/E ratio of 16.81 and a beta of 1.73.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its stake in Chagee by 5,266.8% in the first quarter. Bank of America Corp DE now owns 50,502 shares of the company’s stock valued at $470,000 after acquiring an additional 49,561 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Chagee during the 1st quarter valued at $1,211,000. Renaissance Technologies LLC purchased a new stake in Chagee during the 1st quarter valued at $2,511,000. Y Intercept Hong Kong Ltd purchased a new stake in Chagee during the 1st quarter valued at $427,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Chagee by 5,007.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,546 shares of the company’s stock worth $53,000 after purchasing an additional 4,457 shares during the period.

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.