Luckin Coffee (OTCMKTS:LKNCY) Sees Large Volume Increase – Here’s Why

Luckin Coffee Inc. Sponsored ADR (OTCMKTS:LKNCY) shares saw strong trading volume on Wednesday . 1,470,297 shares changed hands during trading, an increase of 0% from the previous session’s volume of 1,467,741 shares.The stock last traded at $33.2950 and had previously closed at $33.55.

Analysts Set New Price Targets

A number of research firms have commented on LKNCY. Jefferies Financial Group started coverage on Luckin Coffee in a research report on Tuesday, June 9th. They issued a “buy” rating and a $43.60 price target on the stock. Zacks Research raised Luckin Coffee from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Finally, The Goldman Sachs Group set a $49.00 price objective on Luckin Coffee and gave the stock a “buy” rating in a research note on Sunday, June 21st. Three analysts have rated the stock with a Strong Buy rating, According to MarketBeat.com, the company currently has an average rating of “Strong Buy” and a consensus target price of $46.30.

Luckin Coffee Stock Down 1.9%

The business’s 50 day moving average is $34.00 and its two-hundred day moving average is $33.15. The firm has a market cap of $9.56 billion, a P/E ratio of 19.85 and a beta of -0.36.

About Luckin Coffee

Luckin Coffee Inc is a China-based retail coffee company that operates a technology-driven chain of coffee shops. The company sells freshly prepared beverages, including espresso-based coffee, cold brew, tea and other specialty drinks, along with food and snack items. Its stores emphasize mobile ordering, delivery, pickup and convenient, digitally enabled service.

Founded in 2017, Luckin expanded through a combination of company-operated and partnership stores in cities and communities across mainland China.