Luckin Coffee Inc. (NYSE:LK) shares rose 9.2% during trading on Thursday . The stock traded as high as $31.93 and last traded at $31.77, approximately 9,122,831 shares were traded during mid-day trading. An increase of 89% from the average daily volume of 4,831,522 shares. The stock had previously closed at $29.10.
LK has been the subject of several analyst reports. KeyCorp raised their price objective on shares of Luckin Coffee from $24.00 to $32.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. They noted that the move was a valuation call. Needham & Company LLC reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Luckin Coffee in a report on Thursday, November 14th. Morgan Stanley raised their price objective on shares of Luckin Coffee from $21.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, November 29th. Finally, Zacks Investment Research raised shares of Luckin Coffee from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Luckin Coffee has an average rating of “Buy” and an average price target of $27.67.
The stock has a fifty day moving average of $25.53.
Large investors have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. bought a new position in Luckin Coffee in the 2nd quarter valued at $27,000. Golden State Wealth Management LLC bought a new position in Luckin Coffee in the 3rd quarter valued at $33,000. Steward Partners Investment Advisory LLC bought a new position in Luckin Coffee in the 2nd quarter valued at $38,000. Bank of Montreal Can bought a new position in Luckin Coffee in the 2nd quarter valued at $97,000. Finally, Royal Bank of Canada bought a new position in Luckin Coffee in the 2nd quarter valued at $146,000.
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.
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