Kanzhun (NASDAQ:BZ) Stock Price Down 5% – Here’s What Happened

Kanzhun Limited (NASDAQ:BZ)’s stock price traded down 5% during mid-day trading on Wednesday . The company traded as low as $16.35 and last traded at $16.41. 1,475,896 shares were traded during trading, a decline of 65% from the average session volume of 4,179,891 shares. The stock had previously closed at $17.27.

Analysts Set New Price Targets

BZ has been the subject of a number of research analyst reports. Barclays dropped their target price on shares of Kanzhun from $27.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Daiwa America raised shares of Kanzhun to a “hold” rating in a research report on Thursday, July 25th. Finally, Daiwa Capital Markets lowered shares of Kanzhun from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Kanzhun presently has an average rating of “Moderate Buy” and an average price target of $23.40.

Kanzhun Stock Up 1.0 %

The company has a market cap of $6.45 billion, a PE ratio of 39.40 and a beta of 0.52. The business’s 50 day moving average price is $14.19 and its 200-day moving average price is $17.41.

Kanzhun (NASDAQ:BZ) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Kanzhun had a net margin of 20.90% and a return on equity of 10.19%. The company had revenue of $263.75 million during the quarter, compared to analysts’ expectations of $264.38 million. Equities analysts expect that Kanzhun Limited will post 0.47 earnings per share for the current year.

Institutional Trading of Kanzhun

Hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its stake in Kanzhun by 21.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,978,186 shares of the company’s stock worth $82,688,000 after purchasing an additional 877,342 shares in the last quarter. Royal London Asset Management Ltd. raised its position in shares of Kanzhun by 1.6% during the 4th quarter. Royal London Asset Management Ltd. now owns 342,900 shares of the company’s stock valued at $5,696,000 after acquiring an additional 5,300 shares in the last quarter. Wellington Management Group LLP lifted its stake in Kanzhun by 21.8% during the fourth quarter. Wellington Management Group LLP now owns 6,976,129 shares of the company’s stock worth $115,874,000 after purchasing an additional 1,247,997 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Kanzhun by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 12,672,081 shares of the company’s stock worth $210,483,000 after purchasing an additional 56,649 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in Kanzhun during the fourth quarter valued at $348,000. Institutional investors and hedge funds own 60.67% of the company’s stock.

About Kanzhun

Kanzhun Limited, together with its subsidiaries, provides online recruitment services in the People's Republic of China. The company offers its recruitment services through a mobile app under the BOSS Zhipin brand name. Its services allow enterprise customers to access and interact with job seekers and manage their recruitment process.