Chagee (NASDAQ:CHA) Trading 6.8% Higher – Here’s Why

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA)’s stock price traded up 6.8% on Monday . The stock traded as high as $11.75 and last traded at $11.7450. Approximately 310,556 shares changed hands during trading, a decline of 52% from the average daily volume of 642,942 shares. The stock had previously closed at $11.00.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. CLSA began coverage on shares of Chagee in a report on Sunday, May 31st. They set a “hold” rating and a $10.00 price target on the stock. Wall Street Zen downgraded Chagee from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Morgan Stanley reaffirmed an “overweight” rating and set a $15.50 price target on shares of Chagee in a research report on Friday, May 29th. Weiss Ratings restated a “sell (d)” rating on shares of Chagee in a research note on Wednesday, June 24th. Finally, Zacks Research upgraded Chagee from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.68.

Chagee Trading Up 6.7%

The stock’s fifty day moving average is $11.14 and its two-hundred day moving average is $11.09. The firm has a market cap of $2.15 billion, a P/E ratio of 16.80 and a beta of 1.62.

Institutional Trading of Chagee

A number of hedge funds have recently bought and sold shares of CHA. JPMorgan Chase & Co. purchased a new stake in shares of Chagee in the 2nd quarter valued at $26,000. Quantbot Technologies LP bought a new stake in Chagee during the 3rd quarter valued at $34,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of 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. Polymer Capital Management HK LTD grew its stake in shares of Chagee by 39.1% in the fourth quarter. Polymer Capital Management HK LTD now owns 15,300 shares of the company’s stock worth $178,000 after purchasing an additional 4,300 shares during the last quarter. Finally, Ovata Capital Management Ltd increased its stake in shares of Chagee by 22.2% during the third quarter. Ovata Capital Management Ltd now owns 27,500 shares of the company’s stock valued at $455,000 after buying an additional 5,000 shares during the period.

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.