Chagee (NASDAQ:CHA) Downgraded by Wall Street Zen to Buy

Chagee (NASDAQ:CHA) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

CHA has been the subject of several other reports. Weiss Ratings reissued a “sell (d)” rating on shares of Chagee in a research note on Wednesday, October 28th. Jefferies Financial Group reiterated a “buy” rating on shares of Chagee in a report on Thursday. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $14.00.

Chagee Price Performance

CHA opened at $14.37 on Friday. The stock has a market capitalization of $2.64 billion, a P/E ratio of 14.23 and a beta of 1.31. The company’s 50 day simple moving average is $12.12 and its 200-day simple moving average is $11.18. Chagee has a one year low of $8.98 and a one year high of $16.56.

Chagee (NASDAQ:CHA) last posted its quarterly earnings data on Friday, August 28th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.04. Chagee had a net margin of 10.23% and a return on equity of 16.43%. The firm had revenue of $502.59 million during the quarter. As a group, analysts anticipate that Chagee will post 1.31 EPS for the current year.

Institutional Trading of Chagee

Several institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new position in shares of Chagee in the 3rd quarter worth $302,000. Bank of America Corp DE increased its holdings 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 purchasing an additional 49,561 shares during the last quarter. Empowered Funds LLC bought a new stake in Chagee in the first quarter valued at about $1,211,000. Finally, Renaissance Technologies LLC acquired a new position in Chagee in the first quarter valued at about $2,511,000.

Chagee Company Profile

Chagee, also known as ????, 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.