Luckin Coffee (NYSE:LK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Zacks.com reports. The firm currently has a $24.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.78% from the stock’s previous close.
According to Zacks, “Luckin Coffee Inc. engages in the retail sale of freshly brewed drinks, pre-made food and beverage items primarily in the People’s Republic of China. 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. Luckin Coffee Inc. is based in Xiamen, the People’s Republic of China. “
Separately, KeyCorp raised their price objective on Luckin Coffee from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 11th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $25.33.
Luckin Coffee (NYSE:LK) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.04). The company had revenue of $132.40 million during the quarter, compared to analysts’ expectations of $133.15 million. Luckin Coffee’s quarterly revenue was down 85.4% compared to the same quarter last year.
A number of institutional investors have recently made changes to their positions in the stock. Ladenburg Thalmann Financial Services Inc. purchased a new position in Luckin Coffee during the 2nd quarter valued at about $27,000. Golden State Wealth Management LLC purchased a new position in Luckin Coffee during the 3rd quarter valued at about $33,000. Steward Partners Investment Advisory LLC purchased a new position in Luckin Coffee during the 2nd quarter valued at about $38,000. Bank of Montreal Can purchased a new position in Luckin Coffee during the 2nd quarter valued at about $97,000. Finally, Royal Bank of Canada purchased a new position in Luckin Coffee during the 2nd quarter valued at about $146,000.
About Luckin Coffee
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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