Why Luckin Coffee Stock Surged 21.6% Today
Shares of Luckin Coffee (NASDAQ: LK) jumped more than 20% on Wednesday, continuing the stock's rally off its recent lows.
After being hit with an accounting scandal, executive terminations, and a Nasdaq delisting notice, Luckin Coffee's stock went on to suffer devasting losses of more than 95% from its all-time highs reached back in January.
However, the Chinese coffeehouse chain's stock has rallied sharply off its lows of $1.33 on May 22 in recent days. Shares now fetch $2.59 after their gains on Wednesday.
Source Fool.com
