Shares of Luckin Coffee (NASDAQ:LK) were heating up last month after the Chinese coffee chain posted a strong third-quarter earnings report in its second update as a publicly traded company, and its lockup period expired without significant selling. According to data from S&P Global Intelligence, the stock finished November up 54%.
Luckin, which has blanketed China with pickup locations since it began operating at the end of 2017, showed off incredible revenue growth in its third quarter. Sales jumped 542% to $215.7 million, well ahead of analyst estimates at $205.8 million. During the last year, the company’s store count jumped from 1,189 to 3,680.