Wall Street Zen cut shares of Chagee (NASDAQ:CHA – Free Report) from a strong-buy rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.
Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chagee in a research report on Thursday. Weiss Ratings reiterated a “sell (d)” rating on shares of Chagee in a report on Wednesday, October 28th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Chagee currently has an average rating of “Hold” and a consensus price target of $14.00.
Check Out Our Latest Analysis on CHA
Chagee Stock Up 6.4%
Shares of CHA stock traded up $0.86 during mid-day trading on Friday, reaching $14.37. The company’s stock had a trading volume of 1,848,299 shares, compared to its average volume of 732,357. The company’s 50 day simple moving average is $12.12 and its 200-day simple moving average is $11.18. Chagee has a 12-month low of $8.98 and a 12-month high of $16.56. The firm has a market capitalization of $2.64 billion, a PE ratio of 14.23 and a beta of 1.31.
Chagee (NASDAQ:CHA – Get Free Report) last announced its quarterly earnings results on Friday, August 28th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. Chagee had a net margin of 10.23% and a return on equity of 16.43%. The firm had revenue of $502.59 million during the quarter. As a group, research analysts anticipate that Chagee will post 1.31 EPS for the current fiscal year.
Chagee Dividend Announcement
The company also recently announced a dividend, which will be paid on Friday, December 4th. Shareholders of record on Monday, November 23rd will be issued a dividend of $1.95 per share. The ex-dividend date of this dividend is Monday, November 23rd. Chagee’s dividend payout ratio (DPR) is currently 86.14%.
Institutional Investors Weigh In On Chagee
Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in shares of Chagee during the 1st quarter worth approximately $2,511,000. Empowered Funds LLC bought a new stake in shares of Chagee in the 1st quarter worth approximately $1,211,000. Bank of America Corp DE boosted its position in Chagee by 5,266.8% during the 1st quarter. Bank of America Corp DE now owns 50,502 shares of the company’s stock valued at $470,000 after purchasing an additional 49,561 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in Chagee during the 3rd quarter valued at approximately $302,000.
About Chagee
Chagee, also known as 霸王茶姬, is a China-based tea beverage company that develops and sells freshly prepared drinks made with tea. Its menu includes tea lattes and other milk tea and fruit tea beverages, with an emphasis on brewed tea and tea-forward flavors. Founded in 2017 by Zhang Junjie, who serves as the company’s chairman and chief executive officer, Chagee operates a network of branded teahouses. The company serves customers primarily in China and has expanded into selected Southeast Asian markets.
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