Morgan Stanley Takes $4.54 Million Position in Luckin Coffee Inc. (NYSE:LK)

Morgan Stanley acquired a new stake in Luckin Coffee Inc. (NYSE:LK) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 232,781 shares of the company’s stock, valued at approximately $4,537,000. Morgan Stanley owned about 0.10% of Luckin Coffee as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Luckin Coffee in the second quarter valued at approximately $25,238,000. Janus Henderson Group PLC acquired a new stake in shares of Luckin Coffee in the second quarter valued at approximately $25,180,000. Suvretta Capital Management LLC acquired a new stake in shares of Luckin Coffee in the second quarter valued at approximately $21,228,000. Coatue Management LLC acquired a new stake in shares of Luckin Coffee in the second quarter valued at approximately $10,034,000. Finally, Cohen & Steers Inc. acquired a new stake in shares of Luckin Coffee in the second quarter valued at approximately $6,339,000.

Several analysts recently weighed in on the company. KeyCorp lifted their price target on Luckin Coffee from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. Zacks Investment Research raised Luckin Coffee from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Friday. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $25.33.

NYSE:LK opened at $21.47 on Friday. The business’s 50 day moving average price is $20.11. Luckin Coffee Inc. has a 1-year low of $13.71 and a 1-year high of $27.12.

Luckin Coffee (NYSE:LK) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.48) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.44) by ($0.04). The company had revenue of $132.40 million during the quarter, compared to analyst estimates of $133.15 million. The firm’s revenue 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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Institutional Ownership by Quarter for Luckin Coffee (NYSE:LK)

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