Chagee (NASDAQ:CHA) Shares Gap Down – Should You Sell?

Chagee Holdings Limited – Sponsored ADR (NASDAQ:CHA) shares gapped down prior to trading on Friday . The stock had previously closed at $9.97, but opened at $9.52. Chagee shares last traded at $9.6610, with a volume of 236,876 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. raised Chagee from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $11.50 to $16.00 in a report on Thursday, April 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Chagee in a report on Friday, March 27th. Finally, Zacks Research cut shares of Chagee from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 31st. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $30.31.

Chagee Stock Down 4.5%

The company’s 50 day moving average price is $10.39 and its 200-day moving average price is $11.81. The stock has a market cap of $1.75 billion and a P/E ratio of 10.60.

Institutional Investors Weigh In On Chagee

Several large investors have recently modified their holdings of the company. Fosun International Ltd increased its position in shares of Chagee by 19,295.0% during the fourth quarter. Fosun International Ltd now owns 7,447,088 shares of the company’s stock worth $86,610,000 after buying an additional 7,408,691 shares during the period. Schroder Investment Management Group acquired a new stake in shares of Chagee during the third quarter worth $46,150,000. UBS Group AG increased its position in shares of Chagee by 212.5% during the third quarter. UBS Group AG now owns 984,755 shares of the company’s stock worth $16,298,000 after buying an additional 669,583 shares during the period. Marshall Wace LLP acquired a new stake in shares of Chagee during the fourth quarter worth $5,407,000. Finally, Jane Street Group LLC increased its position in shares of Chagee by 2,237.0% during the fourth quarter. Jane Street Group LLC now owns 439,640 shares of the company’s stock worth $5,113,000 after buying an additional 420,828 shares during the period.

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.