Luckin Coffee (NASDAQ: LK) stock popped 24.6% last month, according to data from S&P Global Market Intelligence. The S&P 500 returned 1.4% in July.
Investors who bought shares of the Beijing-based, technology-driven coffee retailer at its May initial public offering have been lucky, indeed. Since its IPO at $17 per share, Luckin Coffee stock has soared more than 52% through Aug. 9.
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We can attribute Luckin Coffee stock's robust July performance to investor enthusiasm surrounding the company's IPO and growth prospects. The young company, founded in 2017, is China's second-largest coffee chain and is gunning to overtake the country's top player, the mighty Starbucks (NASDAQ: SBUX).
Moreover, Luckin has plans brewing to expand beyond its native market. On July 22, it announced that it was forming a joint venture with Kuwait Food Company Americana, the largest integrated food product company in the Middle East, to launch a new retail coffee operation in the Greater Middle East and India.
Investors don't have long to wait for material news. Luckin Coffee is scheduled to report its second-quarter results on Wednesday, Aug. 14, before the market opens. Wall Street is expecting a loss of $0.43 per share on revenue of $130.3 million.
This article was originally published on Fool.com