Chagee (NASDAQ:CHA) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Chagee (NASDAQ:CHA) from a strong-buy rating to a buy rating in a research note released on Saturday morning,Wall Street Zen reports.

Several other brokerages have also recently weighed in on CHA. The Goldman Sachs Group initiated coverage on Chagee in a research note on Sunday, June 21st. They issued a “neutral” rating and a $13.60 price target for the company. CLSA started coverage on Chagee in a research note on Sunday, May 31st. They issued a “hold” rating and a $10.00 price objective on the stock. Weiss Ratings cut Chagee from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, July 30th. Morgan Stanley reissued an “overweight” rating and set a $15.50 target price on shares of Chagee in a research report on Friday, May 29th. Finally, Zacks Research upgraded shares of Chagee from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Chagee currently has a consensus rating of “Hold” and a consensus target price of $13.82.

Chagee Stock Up 0.4%

Shares of Chagee stock opened at $11.45 on Friday. Chagee has a twelve month low of $8.98 and a twelve month high of $17.66. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 11.34 and a beta of 1.60. The company’s fifty day moving average is $11.24 and its 200 day moving average is $10.99.

Chagee (NASDAQ:CHA) last posted its quarterly earnings data on Friday, August 28th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. The business had revenue of $502.59 million during the quarter. Chagee had a return on equity of 16.43% and a net margin of 10.23%. As a group, equities analysts anticipate that Chagee will post 1.31 earnings per share for the current fiscal year.

Institutional Trading of Chagee

Several hedge funds have recently modified their holdings of CHA. Bank of America Corp DE boosted its stake in Chagee by 5,266.8% during the first quarter. Bank of America Corp DE now owns 50,502 shares of the company’s stock worth $470,000 after acquiring an additional 49,561 shares in the last quarter. Empowered Funds LLC bought a new stake in Chagee in the first quarter valued at $1,211,000. Renaissance Technologies LLC bought a new stake in Chagee in the first quarter valued at $2,511,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Chagee during the first quarter valued at about $427,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Chagee by 5,007.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,546 shares of the company’s stock valued at $53,000 after purchasing an additional 4,457 shares during the period.

About Chagee

Chagee Holding Limited operates the CHAGEE beverage brand, which specializes in freshly prepared tea drinks inspired by traditional Chinese tea culture. Its menu includes tea-based milk beverages, fruit tea and other drinks made with tea leaves, milk and related ingredients. The company positions CHAGEE as a premium, modern tea brand serving customers through branded retail locations.

Founded in 2017, Chagee has expanded its store network primarily through mainland China, while also serving customers in Southeast Asia.