Chagee (NASDAQ:CHA) Sees Strong Trading Volume – Still a Buy?

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) shares saw unusually-strong trading volume on Wednesday . 836,892 shares were traded during trading, an increase of 31% from the previous session’s volume of 638,533 shares.The stock last traded at $12.1570 and had previously closed at $12.02.

Analysts Set New Price Targets

CHA has been the subject of several research reports. Zacks Research upgraded shares of Chagee from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. JPMorgan Chase & Co. raised shares of Chagee from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $11.50 to $16.00 in a report on Thursday, April 2nd. The Goldman Sachs Group began coverage on shares of Chagee in a research report on Sunday, June 21st. They set a “neutral” rating and a $13.60 target price for the company. CLSA started coverage on shares of Chagee in a report on Sunday, May 31st. They issued a “hold” rating and a $10.00 price target on the stock. Finally, Wall Street Zen raised Chagee from a “hold” rating to a “strong-buy” rating in a report on Saturday, June 6th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Chagee presently has a consensus rating of “Hold” and a consensus price target of $14.68.

Chagee Price Performance

The business’s 50 day moving average price is $11.06 and its 200 day moving average price is $11.20. The firm has a market cap of $2.23 billion, a PE ratio of 17.33 and a beta of 1.73.

Hedge Funds Weigh In On Chagee

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised 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 purchasing an additional 49,561 shares during the period. Empowered Funds LLC acquired a new stake in shares of Chagee during the 1st quarter worth approximately $1,211,000. Renaissance Technologies LLC purchased a new stake in shares of Chagee during the 1st quarter valued at approximately $2,511,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Chagee during the 1st quarter valued at approximately $427,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Chagee by 5,007.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,546 shares of the company’s stock valued at $53,000 after acquiring an additional 4,457 shares during the last quarter.

Chagee Company Profile

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. “Quality, Health, and Convenience” is the guiding principle of how we make our products.