Chagee (NASDAQ:CHA) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Chagee (NASDAQ:CHA) from a buy rating to a strong-buy rating in a report issued on Sunday morning,Wall Street Zen reports.

A number of other research firms have also recently weighed in on CHA. The Goldman Sachs Group assumed coverage on Chagee in a report on Sunday, June 21st. They issued a “neutral” rating and a $13.60 price target for the company. Weiss Ratings cut Chagee from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.82.

Chagee Price Performance

Shares of CHA opened at $10.98 on Friday. Chagee has a 1-year low of $8.98 and a 1-year high of $17.66. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 10.87 and a beta of 1.48. The firm has a 50 day simple moving average of $11.25 and a 200-day simple moving average of $11.00.

Chagee (NASDAQ:CHA) last posted its earnings results on Friday, August 28th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. The firm had revenue of $502.59 million for the quarter. Chagee had a return on equity of 16.43% and a net margin of 10.23%. On average, equities analysts expect that Chagee will post 1.31 earnings per share for the current fiscal year.

Institutional Trading of Chagee

Several hedge funds and other institutional investors have recently bought and sold shares of CHA. Renaissance Technologies LLC purchased a new stake in Chagee in the 1st quarter valued at about $2,511,000. Empowered Funds LLC acquired a new stake in shares of Chagee in the first quarter worth approximately $1,211,000. Bank of America Corp DE boosted its position in shares of Chagee by 5,266.8% in the first quarter. Bank of America Corp DE now owns 50,502 shares of the company’s stock worth $470,000 after acquiring an additional 49,561 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Chagee in the first quarter valued at approximately $427,000. Finally, Virtu Financial LLC grew its holdings in Chagee by 355.9% in the fourth quarter. Virtu Financial LLC now owns 54,304 shares of the company’s stock valued at $632,000 after purchasing an additional 42,393 shares during the period.

About Chagee

Chagee, also known as BaWangChaJi (????), is a Chinese tea beverage company that operates a chain of cafés and tea shops. Founded in 2017, the company focuses on freshly prepared drinks based on traditional Asian tea varieties, combining tea culture with modern café-style service and branding.

Its product range primarily includes tea-based beverages such as milk tea, pure tea and specialty tea lattes made with varieties including jasmine green tea, oolong tea and black tea. Chagee also offers selected seasonal and complementary beverages, with its menu and product development centered on brewed tea rather than the tapioca-focused drinks commonly associated with traditional bubble tea.

Chagee serves customers through a combination of company-operated and franchised locations.