China-based Luckin Coffee Inc's shares could double in price after it overc...
) shares could double in price after it overcomes the negative impact of the coronavirus outbreak and a widely publicized bearish bet against its stock, according to Andrew Left, managing partner at hedge fund Citron Capital.
Better known for his short bets, Left, who is also editor of the online investment newsletter Citron Research, has come out in defense of Luckin’s stock, which his fund owns. The stock will probably eventually trade at $60 per share on U.S. exchanges once uncertainty over the coronavirus clears, he told Reuters.
Its stock slumped as much as 27% on Friday after hedge fund Muddy Waters said it had sold short the shares of the Chinese challenger to Starbucks , citing an anonymous report that questioned the coffee chain’s financials.
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