Putnam Investments LLC acquired a new stake in Luckin Coffee Inc. (NYSE:LK) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 56,767 shares of the company’s stock, valued at approximately $1,106,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new position in Luckin Coffee in the second quarter valued at $38,000. Holocene Advisors LP acquired a new stake in shares of Luckin Coffee in the second quarter valued at about $4,020,000. Athanor Capital LP acquired a new stake in shares of Luckin Coffee in the second quarter valued at about $2,234,000. Laurion Capital Management LP acquired a new stake in shares of Luckin Coffee in the second quarter valued at about $975,000. Finally, BNP Paribas Arbitrage SA acquired a new stake in shares of Luckin Coffee in the second quarter valued at about $219,000.
Several brokerages have recently issued reports on LK. Credit Suisse Group began coverage on shares of Luckin Coffee in a research report on Tuesday, June 11th. They issued an “outperform” rating and a $24.00 target price on the stock. KeyCorp lifted their target price on shares of Luckin Coffee from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Morgan Stanley began coverage on shares of Luckin Coffee in a research report on Tuesday, June 11th. They issued an “equal weight” rating and a $21.00 target price on the stock. CICC Research began coverage on shares of Luckin Coffee in a research report on Wednesday, June 12th. They issued a “buy” rating on the stock. Finally, Zacks Investment Research lowered shares of Luckin Coffee from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Luckin Coffee has an average rating of “Buy” and an average price target of $25.00.
Luckin Coffee (NYSE:LK) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.04). The company had revenue of $132.40 million for the quarter, compared to analysts’ expectations of $133.15 million. The company’s revenue for the quarter was down 85.4% compared to the same quarter last year.
Luckin Coffee Profile
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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