Luckin Coffee (NYSE:LK) Price Target Raised to $56.00

Luckin Coffee (NYSE:LK) had its price target hoisted by KeyCorp from $32.00 to $56.00 in a report released on Thursday, BenzingaRatingsTable reports. The firm currently has an overweight rating on the stock. The analysts noted that the move was a valuation call.

A number of other analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of 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, October 25th. Needham & Company LLC restated a buy rating and set a $27.00 price target on shares of Luckin Coffee in a report on Thursday, November 14th. Finally, Morgan Stanley raised their price target 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. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $31.67.

LK stock traded up $1.49 during mid-day trading on Thursday, reaching $50.02. The company’s stock had a trading volume of 17,406,872 shares, compared to its average volume of 17,739,316. Luckin Coffee has a fifty-two week low of $13.71 and a fifty-two week high of $51.38. The company’s 50 day moving average is $35.42 and its two-hundred day moving average is $24.92.

Luckin Coffee (NYSE:LK) last released its quarterly earnings data on Wednesday, November 13th. The company reported ($0.32) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.37) by $0.05. The business had revenue of $215.70 million during the quarter, compared to analyst estimates of $208.84 million. The company’s revenue for the quarter was up 557.6% on a year-over-year basis.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Luckin Coffee during the 2nd quarter worth approximately $25,238,000. Southpoint Capital Advisors LP acquired a new stake in shares of Luckin Coffee during the 2nd quarter worth approximately $19,490,000. Millennium Management LLC increased its holdings in shares of Luckin Coffee by 316.1% during the 3rd quarter. Millennium Management LLC now owns 980,460 shares of the company’s stock worth $18,628,000 after buying an additional 744,842 shares during the last quarter. Symons Capital Management Inc. increased its holdings in shares of Luckin Coffee by 26.5% during the 3rd quarter. Symons Capital Management Inc. now owns 380,426 shares of the company’s stock worth $7,228,000 after buying an additional 79,672 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Luckin Coffee during the 2nd quarter worth approximately $5,133,000.

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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Analyst Recommendations for Luckin Coffee (NYSE:LK)

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