Chagee (NASDAQ:CHA) Stock Rating Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Chagee (NASDAQ:CHA) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Several other brokerages have also issued reports on CHA. Weiss Ratings lowered Chagee from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, July 30th. Morgan Stanley reiterated an “overweight” rating and issued a $15.50 price objective on shares of Chagee in a research report on Friday, May 29th. CLSA assumed coverage on Chagee in a report on Sunday, May 31st. They set a “hold” rating and a $10.00 price objective on the stock. The Goldman Sachs Group initiated coverage on Chagee in a report on Sunday, June 21st. They set a “neutral” rating and a $13.60 price objective on the stock. Finally, Zacks Research upgraded Chagee from a “strong sell” rating to a “hold” rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $13.82.

Chagee Price Performance

Shares of Chagee stock opened at $11.41 on Friday. The company has a market cap of $2.09 billion, a PE ratio of 11.30 and a beta of 1.60. The firm has a fifty day moving average price of $11.24 and a two-hundred day moving average price of $10.98. Chagee has a fifty-two week low of $8.98 and a fifty-two week high of $17.66.

Chagee (NASDAQ:CHA) last posted its quarterly earnings data on Friday, August 28th. The company reported $0.37 earnings per share (EPS) 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 company had revenue of $502.59 million for the quarter. Analysts expect that Chagee will post 1.31 earnings per share for the current fiscal year.

Institutional Trading of Chagee

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fosun International Ltd raised its position in Chagee by 19,295.0% in the fourth quarter. Fosun International Ltd now owns 7,447,088 shares of the company’s stock worth $86,610,000 after purchasing an additional 7,408,691 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Chagee during the first quarter valued at approximately $2,511,000. Empowered Funds LLC bought a new stake in shares of Chagee in the 1st quarter valued at approximately $1,211,000. Virtu Financial LLC grew its stake in shares of Chagee by 355.9% in the 4th 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. Finally, Bank of America Corp DE raised its holdings in shares of Chagee by 5,266.8% in the 1st quarter. Bank of America Corp DE now owns 50,502 shares of the company’s stock worth $470,000 after buying an additional 49,561 shares in the last quarter.

Chagee Company Profile

Chagee Holding Limited operates the CHAGEE beverage brand, which specializes in freshly prepared tea drinks inspired by traditional Chinese tea culture. Its menu includes tea-based milk beverages, fruit tea and other drinks made with tea leaves, milk and related ingredients. The company positions CHAGEE as a premium, modern tea brand serving customers through branded retail locations.

Founded in 2017, Chagee has expanded its store network primarily through mainland China, while also serving customers in Southeast Asia.