KE (NYSE:BEKE) Shares Gap Up - Here's Why

Key Points

• KE Holdings Inc. (NYSE:BEKE) saw its share price open at $19.20 after a previous close of $18.53, traded at $19.06, with a total volume of 1,710,693 shares.
• Wall Street analysts maintain a consensus "Buy" rating for KE, with an average price target of $24.97, although some firms have adjusted their price targets in recent months.
• Institutional investors are increasing their stakes in KE, with significant changes from Vanguard, Krane Funds, and others, indicating growing institutional confidence in the stock.

KE Holdings Inc. Sponsored ADR (NYSE:BEKE - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $18.53, but opened at $19.20. KE shares last traded at $19.06, with a volume of 1,710,693 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BEKE. UBS Group upgraded KE from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $22.10 to $23.00 in a report on Friday, May 16th. Citigroup reduced their price objective on KE from $25.80 to $24.80 and set a "buy" rating for the company in a report on Friday, May 16th. JPMorgan Chase & Co. lowered their target price on KE from $24.00 to $22.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. Wall Street Zen lowered KE from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. Finally, Barclays decreased their price objective on KE from $33.00 to $25.00 and set an "overweight" rating on the stock in a research note on Friday, August 15th. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $24.97.

KE Stock Performance

The firm has a 50-day moving average of $18.41 and a 200-day moving average of $19.59. The firm has a market capitalization of $22.56 billion, a P/E ratio of 35.74, a price-to-earnings-growth ratio of 1.68 and a beta of -0.76.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of KE by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 25,331,813 shares of the company's stock valued at $508,916,000 after purchasing an additional 919,420 shares during the period. Krane Funds Advisors LLC lifted its stake in shares of KE by 12.9% in the 1st quarter. Krane Funds Advisors LLC now owns 14,915,812 shares of the company's stock valued at $299,659,000 after purchasing an additional 1,707,067 shares during the period. Hhlr Advisors LTD. lifted its stake in shares of KE by 6.3% in the 1st quarter. Hhlr Advisors LTD. now owns 11,973,402 shares of the company's stock valued at $240,546,000 after purchasing an additional 712,126 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in KE by 3,203.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,002,448 shares of the company's stock valued at $160,769,000 after buying an additional 7,760,169 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its stake in KE by 78.7% during the second quarter. Artisan Partners Limited Partnership now owns 7,526,606 shares of the company's stock valued at $133,522,000 after buying an additional 3,315,704 shares during the last quarter. Hedge funds and other institutional investors own 39.34% of the company's stock.

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.

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