Chagee (NASDAQ:CHA) Shares Gap Down – Time to Sell?
by Tristan Rich · The Markets DailyChagee Holdings Limited – Sponsored ADR (NASDAQ:CHA – Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $9.61, but opened at $9.00. Chagee shares last traded at $9.3110, with a volume of 991,880 shares traded.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on CHA shares. Zacks Research upgraded Chagee from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Chagee in a research note on Friday. Jefferies Financial Group assumed coverage on Chagee in a research note on Wednesday, January 7th. They issued a “hold” rating and a $14.00 price objective for the company. Wall Street Zen raised shares of Chagee from a “sell” rating to a “hold” rating in a research report on Sunday, December 14th. Finally, JPMorgan Chase & Co. raised Chagee from an “underweight” rating to a “neutral” rating and lowered their price target for the company from $12.40 to $11.50 in a report on Friday, February 13th. Four 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.com, the stock currently has an average rating of “Hold” and a consensus price target of $29.67.
Check Out Our Latest Research Report on CHA
Chagee Stock Down 2.7%
The stock has a fifty day moving average of $10.91 and a 200-day moving average of $13.42. The stock has a market cap of $1.72 billion and a PE ratio of 10.63.
Chagee (NASDAQ:CHA – Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.07 earnings per share for the quarter. The company had revenue of $425.15 million for the quarter.
Institutional Trading of Chagee
Several hedge funds and other institutional investors have recently made changes to their positions in CHA. JPMorgan Chase & Co. purchased a new position in Chagee during the second quarter worth about $26,000. Quantbot Technologies LP purchased a new stake in Chagee in the 3rd quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd boosted its holdings in 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 valued at $34,000 after purchasing an additional 2,796 shares in the last quarter. Federated Hermes Inc. acquired a new position in Chagee during the 2nd quarter worth approximately $172,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in shares of Chagee during the 2nd quarter worth approximately $204,000.
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.