E Fund Management Co. Ltd. Sells 418,891 Shares of KANZHUN LIMITED Sponsored ADR (NASDAQ:BZ)

Key Points

• E Fund Management Co. Ltd. reduced its stake in KANZHUN LIMITED by 18.8%, holding approximately $34.77 million worth of shares, which now accounts for 1.7% of its portfolio.
• Other hedge funds have significantly increased their investments in KANZHUN, with Capital World Investors raising its position by 636.3% and Mirae Asset Global Investments by 2,547.4% in the latest quarter.
• Analyst sentiment has improved, with Daiwa America upgrading KANZHUN from a "hold" to a "strong-buy" rating; the stock currently has a consensus "Buy" rating and an average target price of $18.50.

E Fund Management Co. Ltd. reduced its stake in KANZHUN LIMITED Sponsored ADR (NASDAQ:BZ - Free Report) by 18.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 1,813,791 shares of the company's stock after selling 418,891 shares during the quarter. KANZHUN accounts for approximately 1.7% of E Fund Management Co. Ltd.'s portfolio, making the stock its 13th largest holding. E Fund Management Co. Ltd. owned 0.47% of KANZHUN worth $34,770,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Horizon Advisors Inc. purchased a new stake in KANZHUN during the first quarter valued at about $25,000. Townsquare Capital LLC purchased a new stake in KANZHUN during the fourth quarter valued at about $157,000. Tudor Investment Corp ET AL purchased a new stake in KANZHUN during the fourth quarter valued at about $160,000. Quantinno Capital Management LP purchased a new stake in KANZHUN during the fourth quarter valued at about $163,000. Finally, Lighthouse Investment Partners LLC purchased a new stake in KANZHUN during the fourth quarter valued at about $166,000. 60.67% of the stock is owned by hedge funds and other institutional investors.

KANZHUN Price Performance

Shares of BZ traded up $0.05 during midday trading on Friday, hitting $21.37. 2,204,294 shares of the company traded hands, compared to its average volume of 3,355,404. The stock has a 50-day moving average of $18.98 and a 200-day moving average of $17.50. KANZHUN LIMITED Sponsored ADR has a one year low of $10.57 and a one year high of $22.67. The firm has a market cap of $8.77 billion, a P/E ratio of 36.84 and a beta of 0.41.

Wall Street Analyst Weigh In

Separately, Daiwa America raised shares of KANZHUN from a "hold" rating to a "strong-buy" rating in a report on Monday, June 2nd. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.50.

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.