Chagee (NASDAQ:CHA) Stock Price Up 6.6% – Here’s Why

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA)’s share price rose 6.6% during trading on Wednesday . The stock traded as high as $11.55 and last traded at $11.62. Approximately 442,115 shares traded hands during trading, a decline of 29% from the average daily volume of 620,449 shares. The stock had previously closed at $10.90.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CHA shares. Zacks Research upgraded Chagee from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. Morgan Stanley reissued an “overweight” rating and issued a $15.50 target price on shares of Chagee in a research note on Friday, May 29th. Wall Street Zen raised Chagee from a “hold” rating to a “strong-buy” rating in a research note on Saturday, June 6th. CLSA began coverage on Chagee in a research note on Sunday, May 31st. They issued a “hold” rating and a $10.00 target price for the company. Finally, JPMorgan Chase & Co. raised Chagee from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $11.50 to $16.00 in a research note on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Chagee has a consensus rating of “Hold” and a consensus price target of $19.17.

Chagee Trading Up 2.2%

The company has a market cap of $2.20 billion, a PE ratio of 17.11 and a beta of 1.73. The business has a fifty day moving average of $10.63 and a 200-day moving average of $11.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. purchased a new position in shares of Chagee during the 2nd quarter worth approximately $26,000. Quantbot Technologies LP purchased a new position in shares of Chagee during the 3rd quarter worth approximately $34,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Chagee by 3,141.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,885 shares of the company’s stock worth $34,000 after acquiring an additional 2,796 shares during the period. Geode Capital Management LLC purchased a new position in shares of Chagee during the 4th quarter worth approximately $147,000. Finally, Federated Hermes Inc. purchased a new position in shares of Chagee during the 2nd quarter worth approximately $172,000.

Chagee Company Profile

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.