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

Chagee (NASDAQ:CHA) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

CHA has been the subject of a number of other reports. Weiss Ratings reissued a “sell (d)” rating on shares of Chagee in a report on Wednesday, October 28th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chagee in a report on Thursday. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $14.00.

Chagee Stock Up 6.4%

Shares of CHA opened at $14.37 on Friday. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 14.23 and a beta of 1.31. Chagee has a 12 month low of $8.98 and a 12 month high of $16.56. The company has a 50-day moving average price of $12.12 and a two-hundred day moving average price of $11.18.

Chagee (NASDAQ:CHA) last released 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. Chagee had a return on equity of 16.43% and a net margin of 10.23%. The company had revenue of $502.59 million for the quarter. Equities research analysts expect that Chagee will post 1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Chagee

Hedge funds and other institutional investors have recently bought and sold shares of the business. Empowered Funds LLC raised its position in Chagee by 12.2% in the 3rd quarter. Empowered Funds LLC now owns 304,385 shares of the company’s stock valued at $3,561,000 after purchasing an additional 33,211 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Chagee in the third quarter valued at $302,000. Bank of America Corp DE increased its stake in shares of Chagee by 5,266.8% in the first quarter. Bank of America Corp DE now owns 50,502 shares of the company’s stock valued at $470,000 after buying an additional 49,561 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Chagee in the first quarter valued at $2,511,000.

Chagee Company Profile

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.