Luckin Coffee (NYSE:LK) Trading 9.2% Higher

Luckin Coffee Inc. (NYSE:LK) traded up 9.2% during trading on Thursday . The company traded as high as $31.93 and last traded at $31.77, 9,122,831 shares traded hands during trading. An increase of 89% from the average session volume of 4,831,522 shares. The stock had previously closed at $29.10.

A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Luckin Coffee from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Friday, October 25th. Needham & Company LLC restated a “buy” rating and set a $27.00 price objective on shares of Luckin Coffee in a research report on Thursday, November 14th. Morgan Stanley raised their price objective on Luckin Coffee from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Friday, November 29th. Finally, KeyCorp raised their price objective on Luckin Coffee from $24.00 to $32.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Luckin Coffee currently has an average rating of “Buy” and an average price target of $27.67.

The company’s fifty day moving average price is $25.33.

Luckin Coffee (NYSE:LK) last announced its quarterly earnings results on Wednesday, November 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.05. The firm had revenue of $215.70 million for the quarter, compared to analyst estimates of $208.84 million. The company’s revenue for the quarter was up 557.6% on a year-over-year basis.

Several institutional investors have recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. acquired a new stake in shares of Luckin Coffee during the 2nd quarter valued at about $27,000. Golden State Wealth Management LLC acquired a new stake in shares of Luckin Coffee during the 3rd quarter valued at about $33,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Luckin Coffee during the 2nd quarter valued at about $38,000. Bank of Montreal Can acquired a new stake in shares of Luckin Coffee during the 2nd quarter valued at about $97,000. Finally, Royal Bank of Canada acquired a new stake in shares of Luckin Coffee during the 2nd quarter valued at about $146,000.

About Luckin Coffee (NYSE:LK)

Luckin Coffee Inc engages in the retail sale of freshly brewed drinks, and pre-made food and beverage items in the People's Republic of China. It offers freshly brewed drinks, including freshly brewed coffee and non-coffee drinks; and food and beverage items, such as light meals. The company operates pick-up stores, relax stores, and delivery kitchens under the Luckin brand, as well as Luckin mobile app, Weixin mini-program, and other third-party platforms that cover the customer purchase process.

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