Luckin Coffee (NYSE:LK) Shares Down 6.7%

Luckin Coffee Inc. (NYSE:LK)’s stock price dropped 6.7% during trading on Wednesday . The stock traded as low as $21.02 and last traded at $21.28, approximately 2,336,301 shares traded hands during mid-day trading. A decline of 48% from the average daily volume of 4,515,775 shares. The stock had previously closed at $22.80.

LK has been the topic of several research reports. CICC Research initiated coverage on Luckin Coffee in a research report on Wednesday, June 12th. They issued a “buy” rating on the stock. Credit Suisse Group initiated coverage on Luckin Coffee in a research report on Tuesday, June 11th. They issued an “outperform” rating and a $24.00 price objective on the stock. KeyCorp raised their price objective on Luckin Coffee from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Zacks Investment Research lowered Luckin Coffee from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Needham & Company LLC initiated coverage on Luckin Coffee in a research report on Tuesday, June 11th. They issued a “buy” rating and a $27.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $25.00.

The firm has a 50-day moving average price of $21.66.

Luckin Coffee (NYSE:LK) last announced its earnings results on Wednesday, August 14th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.44) by ($0.04). The firm had revenue of $132.40 million during the quarter, compared to analyst estimates of $133.15 million. The business’s revenue for the quarter was down 85.4% compared to the same quarter last year.

Several hedge funds and other institutional investors have recently made changes to their positions in LK. Ladenburg Thalmann Financial Services Inc. acquired a new position in Luckin Coffee in the second quarter worth about $27,000. Steward Partners Investment Advisory LLC acquired a new position in Luckin Coffee in the second quarter valued at approximately $38,000. Bank of Montreal Can acquired a new position in Luckin Coffee in the second quarter valued at approximately $97,000. Royal Bank of Canada acquired a new position in Luckin Coffee in the second quarter valued at approximately $146,000. Finally, Maven Securities LTD acquired a new position in Luckin Coffee in the second quarter valued at approximately $194,000.

Luckin Coffee Company Profile (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.

See Also: Outstanding Shares and The Effect on Share Price

Receive News & Ratings for Luckin Coffee Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Luckin Coffee and related companies with MarketBeat.com's FREE daily email newsletter.