Chagee (NASDAQ:CHA) Shares Up 6.8% – Here’s What Happened

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) shares rose 6.8% on Monday . The stock traded as high as $11.75 and last traded at $11.7450. Approximately 310,556 shares were traded during trading, a decline of 52% from the average daily volume of 642,942 shares. The stock had previously closed at $11.00.

Analyst Ratings Changes

Several equities analysts have recently commented on CHA shares. CLSA assumed coverage on shares of Chagee in a research report on Sunday, May 31st. They issued a “hold” rating and a $10.00 target price for the company. Morgan Stanley restated an “overweight” rating and set a $15.50 price objective on shares of Chagee in a research report on Friday, May 29th. Wall Street Zen cut Chagee from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Chagee in a report on Wednesday, June 24th. Finally, Zacks Research upgraded Chagee from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $14.68.

Chagee Price Performance

The company has a market cap of $2.15 billion, a price-to-earnings ratio of 16.80 and a beta of 1.62. The business’s fifty day moving average price is $11.14 and its 200 day moving average price is $11.09.

Hedge Funds Weigh In On Chagee

A number of institutional investors and hedge funds have recently made changes to their positions in CHA. JPMorgan Chase & Co. acquired a new position in Chagee during the second quarter worth $26,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Chagee by 3,141.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,885 shares of the company’s stock worth $34,000 after acquiring an additional 2,796 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Chagee in the 3rd quarter worth about $34,000. Geode Capital Management LLC bought a new position in Chagee in the 4th quarter valued at about $147,000. Finally, Federated Hermes Inc. acquired a new position in Chagee during the 2nd quarter valued at about $172,000.

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.