Luckin Coffee (NYSE:LK) Stock Price Down 6.7%

Luckin Coffee Inc. (NYSE:LK)’s stock price fell 6.7% during trading on Wednesday . The stock traded as low as $21.02 and last traded at $21.28, 2,336,301 shares changed hands during mid-day trading. A decline of 48% from the average session volume of 4,515,775 shares. The stock had previously closed at $22.80.

Several research firms recently commented on LK. KeyCorp increased their target price on Luckin Coffee from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Needham & Company LLC began coverage on Luckin Coffee in a report on Tuesday, June 11th. They issued a “buy” rating and a $27.00 target price on the stock. Zacks Investment Research lowered Luckin Coffee from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Credit Suisse Group began coverage on Luckin Coffee in a report on Tuesday, June 11th. They issued an “outperform” rating and a $24.00 target price on the stock. Finally, Morgan Stanley began coverage on Luckin Coffee in a report on Tuesday, June 11th. They issued an “equal weight” rating and a $21.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $25.00.

The stock’s fifty day simple moving average is $21.60.

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 the consensus estimate of ($0.44) by ($0.04). The business had revenue of $132.40 million during the quarter, compared to the consensus estimate of $133.15 million. The business’s revenue for the quarter was down 85.4% on a year-over-year basis.

Several hedge funds have recently modified their holdings of LK. Ladenburg Thalmann Financial Services Inc. acquired a new stake in shares of Luckin Coffee during the second quarter worth about $27,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Luckin Coffee during the second quarter worth about $38,000. Bank of Montreal Can acquired a new stake in shares of Luckin Coffee during the second quarter worth about $97,000. Royal Bank of Canada acquired a new stake in shares of Luckin Coffee during the second quarter worth about $146,000. Finally, Maven Securities LTD acquired a new stake in shares of Luckin Coffee during the second quarter worth about $194,000.

About Luckin Coffee (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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