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

KE Holdings Inc. (NYSE:BEKE) gapped up prior to trading on Wednesday . The stock had previously closed at $19.47, but opened at $21.04. KE shares last traded at $21.12, with a volume of 4,879,922 shares changing hands.

Wall Street Analyst Weigh In

BEKE has been the topic of a number of recent analyst reports. Bank of America raised shares of KE from a “neutral” rating to a “buy” rating and increased their target price for the company from $24.00 to $28.00 in a research report on Wednesday, October 30th. Barclays raised their price objective on shares of KE from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday, November 25th.

KE Stock Performance

The company has a market capitalization of $25.23 billion, a PE ratio of 42.56, a P/E/G ratio of 2.95 and a beta of -0.76. The company’s 50-day simple moving average is $18.00 and its 200-day simple moving average is $18.01.

Institutional Trading of KE

Several hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of KE in the fourth quarter valued at about $130,167,000. H Capital V GP L.P. acquired a new stake in shares of KE in the fourth quarter valued at about $91,147,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of KE by 203.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,478,102 shares of the company’s stock valued at $128,979,000 after purchasing an additional 4,340,517 shares during the period. WT Asset Management Ltd lifted its stake in shares of KE by 1,761.8% in the fourth quarter. WT Asset Management Ltd now owns 2,327,198 shares of the company’s stock valued at $42,867,000 after purchasing an additional 2,202,198 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of KE by 1,155.7% in the third quarter. Assenagon Asset Management S.A. now owns 2,353,268 shares of the company’s stock valued at $46,854,000 after purchasing an additional 2,165,863 shares during the period. Institutional investors and hedge funds own 39.34% of the company’s stock.

About KE

KE Holdings Inc, through its subsidiaries, engages in operating an integrated online and offline platform for housing transactions and services in the People's Republic of China. It operates through four segments: Existing Home Transaction Services, New Home Transaction Services, Home Renovation and Furnishing, and Emerging and Other Services.