Luckin Coffee (OTCMKTS:LKNCY) Trading 6.3% Higher – Time to Buy?

Luckin Coffee Inc. Sponsored ADR (OTCMKTS:LKNCY)’s share price traded up 6.3% during mid-day trading on Wednesday . The stock traded as high as $33.63 and last traded at $33.60. 1,082,452 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 1,526,034 shares. The stock had previously closed at $31.60.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on LKNCY shares. Jefferies Financial Group assumed coverage on shares of Luckin Coffee in a research report on Tuesday, June 9th. They issued a “buy” rating and a $43.60 price target for the company. Zacks Research upgraded Luckin Coffee from a “strong sell” rating to a “hold” rating in a research report on Monday, April 6th. Finally, The Goldman Sachs Group set a $49.00 target price on Luckin Coffee and gave the company a “buy” rating in a report on Sunday, June 21st. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $48.20.

Luckin Coffee Stock Performance

The firm’s 50-day moving average is $31.70 and its 200 day moving average is $33.36. The stock has a market cap of $9.69 billion, a PE ratio of 21.13 and a beta of -0.33.

About Luckin Coffee

Luckin Coffee Inc is a China-based coffeehouse chain that combines a digitally driven ordering platform with a network of physical outlets. The company’s mobile app and in-store kiosks enable customers to place orders for takeaway or delivery, while its proprietary supply chain supports rapid store expansion and consistent product quality. Luckin’s retail portfolio includes “grab-and-go” pickup points, delivery-only kitchens and full-service cafés designed to meet the varied needs of urban consumers.

Luckin’s menu features a broad range of espresso-based drinks, including lattes, Americanos and cold brews, complemented by tea-based beverages, fruit juices and a selection of light food items such as sandwiches and pastries.