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

Shares of KE Holdings Inc. (NYSE:BEKE) gapped up before the market opened on Wednesday . The stock had previously closed at $19.61, but opened at $20.60. KE shares last traded at $20.23, with a volume of 1,547,643 shares.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Bank of America raised KE from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $24.00 to $28.00 in a report on Wednesday, October 30th. Barclays boosted their price target on KE from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Monday, November 25th.

KE Stock Up 3.3 %

The company has a market capitalization of $25.25 billion, a price-to-earnings ratio of 42.64, a PEG ratio of 3.30 and a beta of -0.76. The stock has a fifty day moving average price of $18.07 and a two-hundred day moving average price of $18.27.

Hedge Funds Weigh In On KE

Several institutional investors have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. acquired a new position in KE in the fourth quarter valued at $37,471,000. Sylebra Capital LLC increased its stake in KE by 48.5% in the fourth quarter. Sylebra Capital LLC now owns 1,852,970 shares of the company’s stock valued at $34,132,000 after purchasing an additional 605,257 shares during the last quarter. Woodline Partners LP acquired a new position in KE in the fourth quarter valued at $10,867,000. Vident Advisory LLC increased its stake in KE by 9.3% in the fourth quarter. Vident Advisory LLC now owns 68,693 shares of the company’s stock valued at $1,265,000 after purchasing an additional 5,850 shares during the last quarter. Finally, Tiger Pacific Capital LP acquired a new position in KE in the fourth quarter valued at $17,319,000. 39.34% of the stock is currently owned by institutional investors and hedge funds.

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.