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

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) was up 6.6% during mid-day trading on Wednesday . The company 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.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen upgraded shares of Chagee from a “hold” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (d)” rating on shares of Chagee in a research note on Friday, March 27th. CLSA assumed coverage on shares of Chagee in a report on Sunday, May 31st. They issued a “hold” rating and a $10.00 price objective on the stock. Zacks Research raised shares of Chagee from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. Finally, Morgan Stanley restated an “overweight” rating and set a $15.50 target price on shares of Chagee in a research note on Friday, May 29th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Chagee presently has an average rating of “Hold” and an average target price of $19.17.

Chagee Stock Up 8.3%

The firm has a market cap of $2.17 billion, a PE ratio of 16.81 and a beta of 1.73. The company’s 50 day moving average price is $10.54 and its two-hundred day moving average price is $11.47.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CHA. Geode Capital Management LLC bought a new position in shares of Chagee in the second quarter worth about $232,000. JPMorgan Chase & Co. bought a new position in shares of Chagee in the second quarter worth about $26,000. Russell Investments Group Ltd. bought a new position in shares of Chagee in the second quarter worth about $1,226,000. Walleye Capital LLC bought a new position in shares of Chagee in the second quarter worth about $587,000. Finally, Federated Hermes Inc. bought a new position in shares of Chagee in the second quarter worth about $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.