Luckin Coffee (OTCMKTS:LKNCY) Shares Down 4.2% – Here’s Why

Luckin Coffee Inc. Sponsored ADR (OTCMKTS:LKNCY)’s stock price fell 4.2% during trading on Wednesday . The company traded as low as $34.80 and last traded at $34.80. Approximately 494,676 shares traded hands during trading, a decline of 66% from the average session volume of 1,465,522 shares. The stock had previously closed at $36.34.

Analyst Upgrades and Downgrades

LKNCY has been the subject of a number of research analyst reports. The Goldman Sachs Group set a $49.00 target price on shares of Luckin Coffee and gave the stock a “buy” rating in a research note on Sunday, June 21st. Zacks Research upgraded Luckin Coffee from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Finally, Jefferies Financial Group assumed coverage on Luckin Coffee in a research report on Tuesday, June 9th. They set a “buy” rating and a $43.60 price objective for the company. Three analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat, Luckin Coffee currently has an average rating of “Strong Buy” and an average target price of $48.20.

Luckin Coffee Stock Down 2.1%

The stock has a market capitalization of $10.20 billion, a P/E ratio of 21.18 and a beta of -0.36. The stock has a 50 day simple moving average of $33.32 and a two-hundred day simple moving average of $33.30.

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.