KANZHUN (NASDAQ:BZ) Hits New 52-Week High - Still a Buy?

Key Points

• KANZHUN Limited's stock reached a new 52-week high of $22.67, closing at $22.44 with a trading volume of over 5.6 million shares.
• Daiwa America upgraded KANZHUN's stock from a "hold" to a "strong-buy" rating, contributing to a consensus rating of "Buy" among analysts.
• Institutional investors have increased their holdings in KANZHUN, with hedge funds owning approximately 60.67% of the company's stock.

Shares of KANZHUN LIMITED Sponsored ADR (NASDAQ:BZ - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $22.67 and last traded at $22.44, with a volume of 5694419 shares changing hands. The stock had previously closed at $21.83.

Analysts Set New Price Targets

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

KANZHUN Stock Up 0.2%

The firm has a fifty day moving average of $18.98 and a 200-day moving average of $17.50. The stock has a market capitalization of $8.77 billion, a price-to-earnings ratio of 36.84 and a beta of 0.41.

Hedge Funds Weigh In On KANZHUN

A number of institutional investors have recently made changes to their positions in the stock. Capital World Investors increased its stake in KANZHUN by 636.3% in the fourth quarter. Capital World Investors now owns 13,828,732 shares of the company's stock valued at $190,837,000 after purchasing an additional 11,950,467 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in KANZHUN by 1,474.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 9,552,922 shares of the company's stock valued at $183,130,000 after purchasing an additional 8,946,253 shares during the last quarter. Norges Bank acquired a new position in KANZHUN in the second quarter valued at $123,984,000. Mirae Asset Global Investments Co. Ltd. increased its stake in KANZHUN by 2,547.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,313,534 shares of the company's stock valued at $101,860,000 after purchasing an additional 5,112,824 shares during the last quarter. Finally, Krane Funds Advisors LLC increased its stake in KANZHUN by 24.2% in the first quarter. Krane Funds Advisors LLC now owns 20,338,378 shares of the company's stock valued at $389,887,000 after purchasing an additional 3,961,488 shares during 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.