Chagee (NASDAQ:CHA) Sees Large Volume Increase - Time to Buy?

Key Points

• Chagee’s trading volume rose 12% to about 678,178 shares, while the stock gained to $10.54 from a $10.35 close.
• Analyst sentiment is mostly cautious: the stock has a consensus “Hold” rating from eight analysts, with a $14.68 average price target versus its current price.
• Chagee has a $1.90 billion market capitalization, a 14.81 price-to-earnings ratio, and recently attracted new or increased positions from several institutional investors.

Chagee Holdings Limited - Sponsored ADR (NASDAQ:CHA - Get Free Report) saw unusually-high trading volume on Friday . Approximately 678,178 shares changed hands during mid-day trading, an increase of 12% from the previous session's volume of 607,686 shares.The stock last traded at $10.54 and had previously closed at $10.35.

Wall Street Analysts Forecast Growth

CHA has been the topic of a number of recent analyst reports. The Goldman Sachs Group began coverage on shares of Chagee in a research report on Sunday, June 21st. They issued a "neutral" rating and a $13.60 price objective on the stock. Zacks Research upgraded shares of Chagee from a "strong sell" rating to a "hold" rating in a research note on Monday, June 1st. Wall Street Zen lowered Chagee from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 12th. Weiss Ratings cut Chagee from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, July 30th. Finally, CLSA started coverage on Chagee in a report on Sunday, May 31st. They set a "hold" rating and a $10.00 price target for the company. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $14.68.

Chagee Stock Performance

The firm's 50-day moving average is $11.06 and its 200 day moving average is $10.80. The stock has a market cap of $1.90 billion, a PE ratio of 14.81 and a beta of 1.58.

Institutional Trading of Chagee

Several hedge funds have recently modified their holdings of CHA. JPMorgan Chase & Co. acquired a new stake in shares of Chagee during the 2nd quarter valued at approximately $26,000. Quantbot Technologies LP acquired a new position in Chagee during the third quarter worth $34,000. Caitong International Asset Management Co. Ltd boosted its position in Chagee by 3,141.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,885 shares of the company's stock worth $34,000 after purchasing an additional 2,796 shares in the last quarter. Federated Hermes Inc. acquired a new stake in Chagee in the second quarter valued at $172,000. Finally, Geode Capital Management LLC acquired a new stake in Chagee in the second quarter valued at $232,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source