Chagee (NASDAQ:CHA) Stock Jumps 4.7% Following Dividend Announcement

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) traded up 4.7% during mid-day trading on Friday after the company announced a dividend. The stock traded as high as $13.94 and last traded at $14.1490. 584,734 shares traded hands during trading, a decline of 17% from the average session volume of 706,800 shares. The stock had previously closed at $13.51.

The newly announced dividend which will be paid on Friday, December 4th. Stockholders of record on Monday, November 23rd will be paid a dividend of $1.95 per share. The ex-dividend date is Monday, November 23rd. Chagee’s dividend payout ratio (DPR) is presently 86.14%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Chagee in a research note on Wednesday, October 28th. Wall Street Zen raised Chagee from a “buy” rating to a “strong-buy” rating in a research report on Sunday, October 4th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Chagee in a research report on Thursday. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.00.

Chagee Price Performance

The firm’s 50 day moving average price is $12.06 and its two-hundred day moving average price is $11.17. The stock has a market cap of $2.62 billion, a PE ratio of 14.13 and a beta of 1.31.

Chagee (NASDAQ:CHA) last announced its quarterly earnings results on Friday, August 28th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. The company had revenue of $502.59 million for the quarter. Chagee had a net margin of 10.23% and a return on equity of 16.43%. Analysts anticipate that Chagee Holdings Limited – Sponsored ADR will post 1.31 earnings per share for the current year.

Institutional Investors Weigh In On Chagee

Several institutional investors have recently made changes to their positions in CHA. Renaissance Technologies LLC bought a new position in shares of Chagee in the first quarter worth $2,511,000. Empowered Funds LLC bought a new stake in shares of Chagee during the 1st quarter valued at $1,211,000. Bank of America Corp DE raised its stake in shares of Chagee by 5,266.8% during the 1st quarter. Bank of America Corp DE now owns 50,502 shares of the company’s stock valued at $470,000 after purchasing an additional 49,561 shares during the period. Finally, Russell Investments Group Ltd. bought a new stake in shares of Chagee during the 3rd quarter valued at $302,000.

About Chagee

Chagee, also known as 霸王茶姬, is a China-based tea beverage company that develops and sells freshly prepared drinks made with tea. Its menu includes tea lattes and other milk tea and fruit tea beverages, with an emphasis on brewed tea and tea-forward flavors. Founded in 2017 by Zhang Junjie, who serves as the company’s chairman and chief executive officer, Chagee operates a network of branded teahouses. The company serves customers primarily in China and has expanded into selected Southeast Asian markets.