Chagee (NASDAQ:CHA) Trading Up 5.8% – Here’s What Happened

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) shares traded up 5.8% on Thursday . The stock traded as high as $15.47 and last traded at $15.81. 79,189 shares were traded during mid-day trading, a decline of 93% from the average session volume of 1,157,684 shares. The stock had previously closed at $14.94.

Analysts Set New Price Targets

Several brokerages have commented on CHA. Weiss Ratings reiterated a “sell (d)” rating on shares of Chagee in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Chagee from a “buy” rating to a “hold” rating in a research note on Sunday, September 7th. JPMorgan Chase & Co. began coverage on shares of Chagee in a research report on Friday. They set an “underweight” rating for the company. Finally, Macquarie began coverage on Chagee in a research report on Friday, September 5th. They issued a “neutral” rating and a $19.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $36.44.

Chagee Stock Performance

The company has a market cap of $2.70 billion and a price-to-earnings ratio of 24.95. The company’s 50 day moving average price is $16.38.

Chagee (NASDAQ:CHA) last posted its quarterly earnings results on Friday, August 29th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). The business had revenue of $465.11 million during the quarter, compared to analysts’ expectations of $484.14 million.

Hedge Funds Weigh In On Chagee

A number of hedge funds have recently made changes to their positions in CHA. Schroder Investment Management Group bought a new stake in shares of Chagee during the third quarter worth $46,150,000. UBS Group AG lifted its position in Chagee by 212.5% during the 3rd quarter. UBS Group AG now owns 984,755 shares of the company’s stock worth $16,298,000 after buying an additional 669,583 shares in the last quarter. Marshall Wace LLP acquired a new stake in Chagee in the 2nd quarter valued at about $13,764,000. Barings LLC bought a new position in shares of Chagee in the second quarter worth about $11,302,000. Finally, Allianz Asset Management GmbH acquired a new position in shares of Chagee during the second quarter worth approximately $11,034,000.

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.