Kanzhun (NASDAQ:BZ) Shares Gap Down After Analyst Downgrade

Shares of Kanzhun Limited (NASDAQ:BZ) gapped down prior to trading on Wednesday after Sanford C. Bernstein lowered their price target on the stock from $27.00 to $20.00. The stock had previously closed at $14.87, but opened at $14.54. Kanzhun shares last traded at $15.00, with a volume of 223,579 shares changing hands.

A number of other research firms have also weighed in on BZ. Barclays upgraded Kanzhun from an “equal weight” rating to an “overweight” rating and set a $21.00 target price on the stock in a report on Thursday, May 25th. Macquarie lowered Kanzhun from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $22.00 to $16.00 in a report on Monday, August 21st. Daiwa Capital Markets began coverage on Kanzhun in a report on Wednesday, July 12th. They issued a “buy” rating and a $19.00 target price on the stock. Finally, Citigroup began coverage on Kanzhun in a research report on Thursday, July 20th. They set a “buy” rating and a $19.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.67.

Institutional Trading of Kanzhun

A number of institutional investors and hedge funds have recently modified their holdings of BZ. PNC Financial Services Group Inc. increased its position in shares of Kanzhun by 67.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,922 shares of the company’s stock valued at $39,000 after acquiring an additional 772 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in Kanzhun in the fourth quarter worth $49,000. Employees Retirement System of Texas purchased a new stake in Kanzhun in the second quarter worth $81,000. Shell Asset Management Co. purchased a new stake in Kanzhun in the fourth quarter worth $149,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in Kanzhun in the second quarter worth $157,000. 60.67% of the stock is owned by hedge funds and other institutional investors.

Kanzhun Stock Up 0.1 %

The stock has a 50-day simple moving average of $15.86 and a 200-day simple moving average of $17.35. The firm has a market capitalization of $5.59 billion, a PE ratio of 248.17 and a beta of 0.41.

Kanzhun Company Profile

Kanzhun Limited engages in the provision of online recruitment solutions in the People's Republic of China. The company offers its recruitment solutions through a mobile app under the BOSS Zhipin brand name. Its recruitment platform assists the recruitment process between job seekers and employers for enterprises, and corporations.