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

KE Holdings Inc. (NYSE:BEKE) gapped down before the market opened on Thursday . The stock had previously closed at $19.98, but opened at $19.34. KE shares last traded at $19.12, with a volume of 1,651,420 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Citigroup started coverage on KE in a report on Tuesday, September 10th. They set a “buy” rating and a $23.80 price target on the stock. Bank of America upgraded shares of KE from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $24.00 to $28.00 in a report on Wednesday, October 30th.

KE Stock Performance

The firm has a market capitalization of $23.86 billion, a price-to-earnings ratio of 40.67, a price-to-earnings-growth ratio of 4.39 and a beta of -0.73. The firm’s 50-day moving average price is $19.84 and its two-hundred day moving average price is $17.00.

Hedge Funds Weigh In On KE

Several institutional investors have recently added to or reduced their stakes in BEKE. Point72 Asia Singapore Pte. Ltd. acquired a new position in KE in the third quarter worth $30,000. Blue Trust Inc. lifted its position in KE by 2,662.2% during the 2nd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after buying an additional 3,168 shares in the last quarter. Rakuten Securities Inc. grew its holdings in KE by 334,500.0% during the 3rd quarter. Rakuten Securities Inc. now owns 3,346 shares of the company’s stock worth $67,000 after acquiring an additional 3,345 shares during the last quarter. Venturi Wealth Management LLC raised its stake in shares of KE by 5,089.9% in the third quarter. Venturi Wealth Management LLC now owns 4,100 shares of the company’s stock worth $82,000 after acquiring an additional 4,021 shares during the last quarter. Finally, Signaturefd LLC raised its stake in shares of KE by 12.5% in the second quarter. Signaturefd LLC now owns 7,781 shares of the company’s stock worth $110,000 after acquiring an additional 866 shares during the last quarter. 39.34% of the stock is owned by institutional investors.

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.