Chagee (NASDAQ:CHA) Raised to Overweight at JPMorgan Chase & Co.

Chagee (NASDAQ:CHA) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has a $16.00 price objective on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 74.67% from the stock’s previous close.

Several other analysts have also recently weighed in on the stock. Wall Street Zen raised shares of Chagee from a “sell” rating to a “hold” rating in a research note on Sunday, December 14th. Zacks Research downgraded Chagee from a “hold” rating to a “strong sell” rating in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Chagee in a report on Friday, March 27th. Finally, Jefferies Financial Group started coverage on Chagee in a research report on Wednesday, January 7th. They issued a “hold” rating and a $14.00 price objective for the company. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $30.31.

Chagee Stock Performance

CHA opened at $9.16 on Thursday. The firm has a market cap of $1.68 billion and a price-to-earnings ratio of 10.18. The firm’s 50-day simple moving average is $10.80 and its 200-day simple moving average is $13.34. Chagee has a twelve month low of $8.98 and a twelve month high of $41.80.

Hedge Funds Weigh In On Chagee

A number of large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. acquired a new stake in shares of Chagee in the second quarter valued at approximately $26,000. Quantbot Technologies LP acquired a new position in Chagee during the 3rd quarter worth $34,000. Caitong International Asset Management Co. Ltd boosted its position in Chagee by 3,141.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,885 shares of the company’s stock valued at $34,000 after buying an additional 2,796 shares during the last quarter. Federated Hermes Inc. bought a new position in Chagee in the 2nd quarter valued at $172,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of Chagee in the 2nd quarter valued at $204,000.

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.