Zacks Research Upgrades Chagee (NASDAQ:CHA) to Hold

Chagee (NASDAQ:CHA) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

A number of other brokerages have also recently weighed in on CHA. Weiss Ratings restated a “sell (d)” rating on shares of Chagee in a research note on Friday, March 27th. CLSA initiated coverage on shares of Chagee in a research note on Sunday. They issued a “hold” rating and a $10.00 price objective for the company. Morgan Stanley restated an “overweight” rating and issued a $15.50 price objective on shares of Chagee in a research note on Friday. Finally, JPMorgan Chase & Co. upgraded shares of Chagee from a “neutral” rating to an “overweight” rating and upped their target price for the company from $11.50 to $16.00 in a research note on Thursday, April 2nd. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $25.03.

Chagee Trading Down 3.3%

Shares of Chagee stock opened at $12.75 on Monday. The firm has a fifty day simple moving average of $10.35 and a 200-day simple moving average of $11.60. Chagee has a 1-year low of $8.98 and a 1-year high of $35.42. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of 18.21 and a beta of 1.73.

Hedge Funds Weigh In On Chagee

Several large investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its stake in Chagee by 5,266.8% during the 1st quarter. Bank of America Corp DE now owns 50,502 shares of the company’s stock valued at $470,000 after purchasing an additional 49,561 shares during the last quarter. Empowered Funds LLC acquired a new position in Chagee during the 1st quarter valued at $1,211,000. Renaissance Technologies LLC acquired a new position in Chagee during the 1st quarter valued at $2,511,000. Y Intercept Hong Kong Ltd acquired a new position in Chagee during the 1st quarter valued at $427,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in Chagee by 5,007.9% during the 4th 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 last quarter.

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