Luckin Coffee Inc. (NYSE:LK) was down 6.6% on Wednesday . The company traded as low as $29.56 and last traded at $29.84, approximately 8,665,687 shares traded hands during trading. An increase of 83% from the average daily volume of 4,747,369 shares. The stock had previously closed at $31.96.
A number of equities analysts have recently weighed in on LK shares. Zacks Investment Research upgraded Luckin Coffee from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Friday, October 25th. Morgan Stanley increased their target price on Luckin Coffee from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday, November 29th. KeyCorp increased their target price on Luckin Coffee from $24.00 to $32.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. They noted that the move was a valuation call. Finally, Needham & Company LLC reiterated a “buy” rating and set a $27.00 target price on shares of Luckin Coffee in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Luckin Coffee currently has a consensus rating of “Buy” and a consensus price target of $27.67.
The business has a 50 day simple moving average of $23.68.
Institutional investors have recently bought and sold shares of the business. Ladenburg Thalmann Financial Services Inc. bought a new position in Luckin Coffee during the 2nd quarter worth $27,000. Golden State Wealth Management LLC bought a new position in Luckin Coffee during the 3rd quarter worth $33,000. Steward Partners Investment Advisory LLC bought a new position in Luckin Coffee during the 2nd quarter worth $38,000. Bank of Montreal Can bought a new position in Luckin Coffee during the 2nd quarter worth $97,000. Finally, Royal Bank of Canada bought a new position in Luckin Coffee during the 2nd quarter worth $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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