KraneShares CSI China Internet ETF (NYSEARCA:KWEB) Trading Down 6.7% – What’s Next?

KraneShares CSI China Internet ETF (NYSEARCA:KWEB)’s share price dropped 6.7% on Friday . The stock traded as low as $31.78 and last traded at $32.00. Approximately 47,291,081 shares traded hands during trading, an increase of 116% from the average daily volume of 21,884,488 shares. The stock had previously closed at $34.30.

KraneShares CSI China Internet ETF Stock Performance

The company has a 50 day simple moving average of $31.02 and a two-hundred day simple moving average of $29.13. The firm has a market cap of $6.35 billion, a PE ratio of 22.48 and a beta of 1.30.

Institutional Trading of KraneShares CSI China Internet ETF

A number of hedge funds have recently modified their holdings of KWEB. Private Advisor Group LLC boosted its stake in shares of KraneShares CSI China Internet ETF by 46.0% in the first quarter. Private Advisor Group LLC now owns 50,300 shares of the company’s stock worth $1,320,000 after buying an additional 15,858 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of KraneShares CSI China Internet ETF in the first quarter worth about $520,000. Bleakley Financial Group LLC boosted its stake in shares of KraneShares CSI China Internet ETF by 74.0% in the first quarter. Bleakley Financial Group LLC now owns 364,696 shares of the company’s stock worth $9,573,000 after buying an additional 155,088 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its holdings in KraneShares CSI China Internet ETF by 30.0% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 8,405 shares of the company’s stock worth $221,000 after purchasing an additional 1,940 shares during the period. Finally, Mizuho Securities USA LLC acquired a new position in KraneShares CSI China Internet ETF in the 1st quarter worth about $262,000.

About KraneShares CSI China Internet ETF

The KraneShares CSI China Internet ETF (KWEB) is an exchange-traded fund that is based on the CSI Overseas China Internet index. The fund tracks a market cap-weighted index composed of overseas-listed Chinese Internet companies. KWEB was launched on Jul 31, 2013 and is managed by KraneShares.