KE (NYSE:BEKE) Shares Gap Up – Here’s Why

KE Holdings Inc. Sponsored ADR (NYSE:BEKE) gapped up prior to trading on Wednesday . The stock had previously closed at $16.10, but opened at $16.84. KE shares last traded at $17.3250, with a volume of 924,419 shares.

Analyst Ratings Changes

A number of analysts have recently issued reports on BEKE shares. The Goldman Sachs Group upgraded shares of KE from a “neutral” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Monday, May 4th. Citigroup restated a “buy” rating on shares of KE in a research note on Tuesday, May 19th. Barclays raised their price target on shares of KE from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday, May 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of KE in a research note on Wednesday, June 24th. Finally, Griffin Securities set a $24.40 price objective on shares of KE in a report on Wednesday, April 8th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.07.

KE Stock Performance

The stock has a 50-day simple moving average of $16.34 and a 200-day simple moving average of $16.67. The company has a market capitalization of $19.52 billion, a price-to-earnings ratio of 41.54 and a beta of -0.33. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 0.01.

Institutional Trading of KE

Several institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its holdings in KE by 4.5% during the 3rd quarter. Wellington Management Group LLP now owns 12,112,097 shares of the company’s stock worth $230,130,000 after acquiring an additional 521,313 shares in the last quarter. Norges Bank bought a new position in shares of KE during the fourth quarter worth about $112,843,000. Bank of America Corp DE lifted its position in shares of KE by 76.3% during the third quarter. Bank of America Corp DE now owns 3,067,917 shares of the company’s stock worth $58,290,000 after purchasing an additional 1,327,775 shares during the last quarter. Temasek Holdings Private Ltd grew its stake in KE by 40.7% in the fourth quarter. Temasek Holdings Private Ltd now owns 3,047,357 shares of the company’s stock worth $48,026,000 after purchasing an additional 881,506 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in KE by 53.7% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,675,518 shares of the company’s stock worth $42,166,000 after purchasing an additional 934,835 shares in the last quarter. 39.34% of the stock is owned by institutional investors and hedge funds.

About KE

KE Holdings Inc (NYSE: BEKE) is a technology-driven real estate services company that operates an integrated online and offline platform for housing transactions and related services in mainland China. The company provides consumer-facing property listing marketplaces alongside a broad network of offline brokerage offices and agents, aiming to facilitate sales, rentals and new-home transactions for individual and institutional clients.

The company’s offerings span property listings for new and resale homes, rental listings, brokerage representation and transaction facilitation.