Kanzhun (NASDAQ:BZ) Given New $16.00 Price Target at Citigroup

Kanzhun (NASDAQ:BZ) had its price objective reduced by analysts at Citigroup from $17.00 to $16.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 21.40% from the company’s previous close.

Several other brokerages have also recently commented on BZ. Barclays dropped their price target on shares of Kanzhun from $27.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, August 30th. CLSA began coverage on Kanzhun in a research report on Monday, November 18th. They issued an “outperform” rating and a $18.00 target price for the company. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.57.

Kanzhun Trading Up 4.8 %

BZ stock traded up $0.60 during midday trading on Friday, hitting $13.18. 1,143,075 shares of the company’s stock were exchanged, compared to its average volume of 4,122,208. The firm has a 50 day moving average price of $15.05 and a 200-day moving average price of $16.26. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 30.65 and a beta of 0.55. Kanzhun has a 12-month low of $10.57 and a 12-month high of $22.74.

Kanzhun (NASDAQ:BZ) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. The company had revenue of $263.75 million for the quarter, compared to analyst estimates of $264.38 million. Kanzhun had a net margin of 20.90% and a return on equity of 10.19%. On average, sell-side analysts forecast that Kanzhun will post 0.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Kanzhun

A number of institutional investors have recently made changes to their positions in BZ. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Kanzhun by 812.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,120,232 shares of the company’s stock worth $123,607,000 after buying an additional 6,339,911 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Kanzhun during the 3rd quarter valued at about $64,220,000. National Bank of Canada FI acquired a new position in shares of Kanzhun in the 3rd quarter valued at approximately $45,482,000. RWC Asset Advisors US LLC increased its stake in Kanzhun by 79.8% during the 2nd quarter. RWC Asset Advisors US LLC now owns 5,700,186 shares of the company’s stock worth $107,220,000 after purchasing an additional 2,529,725 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its stake in Kanzhun by 7,012.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,325,929 shares of the company’s stock valued at $40,378,000 after buying an additional 2,293,229 shares in the last quarter. 60.67% of the stock is owned by institutional investors and hedge funds.

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.