Chagee (NASDAQ:CHA) Trading 6.8% Higher – Here’s Why

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CHA. Weiss Ratings reissued a “sell (d)” rating on shares of Chagee in a report on Wednesday, June 24th. Wall Street Zen cut shares of Chagee from a “strong-buy” rating to a “buy” rating in a report on Sunday. JPMorgan Chase & Co. raised shares of Chagee from a “neutral” rating to an “overweight” rating and increased their target price for the company from $11.50 to $16.00 in a research report on Thursday, April 2nd. CLSA initiated coverage on shares of Chagee in a research note on Sunday, May 31st. They set a “hold” rating and a $10.00 price target on the stock. Finally, The Goldman Sachs Group started coverage on shares of Chagee in a research report on Sunday, June 21st. They issued a “neutral” rating and a $13.60 price target for the company. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.68.

Chagee Trading Down 3.4%

The company has a 50 day simple moving average of $11.16 and a 200 day simple moving average of $11.08. The stock has a market capitalization of $2.07 billion, a PE ratio of 16.11 and a beta of 1.62.

Hedge Funds Weigh In On Chagee

A number of hedge funds and other institutional investors have recently bought and sold shares of CHA. Fosun International Ltd raised its holdings in 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 purchasing an additional 7,408,691 shares in the last quarter. UBS Group AG increased its position in Chagee by 212.5% during the 3rd quarter. UBS Group AG now owns 984,755 shares of the company’s stock worth $16,298,000 after purchasing an additional 669,583 shares during the period. Marshall Wace LLP purchased a new position in shares of Chagee during the 4th quarter worth approximately $5,407,000. Jane Street Group LLC raised its stake in shares of Chagee by 2,237.0% during the 4th 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 in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Chagee in the 1st quarter valued at approximately $2,511,000.

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.