Atour Lifestyle (NASDAQ:ATAT) Trading Down 5.4% - What's Next?

Atour Lifestyle Holdings Limited (NASDAQ:ATAT - Get Free Report)'s stock price dropped 5.4% during mid-day trading on Friday . The company traded as low as $26.87 and last traded at $27.21. Approximately 891,316 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 990,818 shares. The stock had previously closed at $28.77.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group initiated coverage on shares of Atour Lifestyle in a research report on Monday, December 9th. They set a "buy" rating and a $34.40 price objective for the company.

Atour Lifestyle Stock Down 6.2 %

The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 23.28, a P/E/G ratio of 0.65 and a beta of 0.52. The company has a 50 day simple moving average of $26.73 and a 200 day simple moving average of $22.22.

Hedge Funds Weigh In On Atour Lifestyle

Institutional investors have recently added to or reduced their stakes in the stock. First Beijing Investment Ltd grew its stake in shares of Atour Lifestyle by 175.0% during the third quarter. First Beijing Investment Ltd now owns 5,639,562 shares of the company's stock worth $146,290,000 after buying an additional 3,588,469 shares during the last quarter. M&G PLC boosted its holdings in shares of Atour Lifestyle by 173.2% during the 3rd quarter. M&G PLC now owns 3,518,106 shares of the company's stock valued at $91,471,000 after acquiring an additional 2,230,247 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Atour Lifestyle by 174.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,116,600 shares of the company's stock worth $28,965,000 after acquiring an additional 709,700 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Atour Lifestyle by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,010,619 shares of the company's stock worth $26,215,000 after purchasing an additional 199,330 shares in the last quarter. Finally, FMR LLC raised its position in Atour Lifestyle by 352.7% in the third quarter. FMR LLC now owns 889,942 shares of the company's stock valued at $23,085,000 after purchasing an additional 693,342 shares during the last quarter. 17.79% of the stock is currently owned by institutional investors and hedge funds.

About Atour Lifestyle

Atour Lifestyle Holdings Limited, through its subsidiaries, develops lifestyle brands around hotel offerings in the People's Republic of China. The company provides hotel management services, including day-to-day management services of the hotels for the franchisees; and sells hotel supplies and other products.