Chagee (NASDAQ:CHA) Sees Unusually-High Trading Volume – Still a Buy?

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) saw an uptick in trading volume on Monday . 517,649 shares changed hands during trading, a decline of 12% from the previous session’s volume of 591,219 shares.The stock last traded at $13.0420 and had previously closed at $12.76.

Analysts Set New Price Targets

CHA has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Chagee in a research report on Friday, March 27th. JPMorgan Chase & Co. upgraded shares of Chagee from a “neutral” rating to an “overweight” rating and upped their target price for the company from $11.50 to $16.00 in a research note on Thursday, April 2nd. Morgan Stanley reiterated an “overweight” rating and set a $15.50 target price on shares of Chagee in a research note on Friday. CLSA started coverage on shares of Chagee in a research note on Sunday. They set a “hold” rating and a $10.00 target price for the company. Finally, Zacks Research cut shares of Chagee from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 31st. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $25.03.

Chagee Stock Up 1.4%

The stock’s fifty day moving average price is $10.30 and its 200-day moving average price is $11.61. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 18.46 and a beta of 1.72.

Hedge Funds Weigh In On Chagee

Several hedge funds and other institutional investors have recently made changes to their positions in CHA. JPMorgan Chase & Co. bought a new position in shares of Chagee in the second quarter valued at $26,000. Quantbot Technologies LP bought a new position in Chagee during the third quarter worth $34,000. Caitong International Asset Management Co. Ltd boosted its position in 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 worth $34,000 after purchasing an additional 2,796 shares during the period. Geode Capital Management LLC bought a new position in Chagee during the fourth quarter worth $147,000. Finally, Federated Hermes Inc. bought a new position in Chagee during the second quarter worth $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.