KE (NYSE:BEKE) Shares Down 3.4% – Here’s Why

KE Holdings Inc. (NYSE:BEKE) was down 3.4% during mid-day trading on Friday . The stock traded as low as $19.32 and last traded at $19.41. Approximately 661,613 shares traded hands during trading, a decline of 93% from the average daily volume of 9,273,855 shares. The stock had previously closed at $20.09.

Analysts Set New Price Targets

Several analysts have issued reports on BEKE shares. Barclays upped their price target on shares of KE from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday, November 25th. Citigroup assumed coverage on shares of KE in a report on Tuesday, September 10th. They issued a “buy” rating and a $23.80 price objective on the stock. Finally, Bank of America upgraded shares of KE from a “neutral” rating to a “buy” rating and upped their price objective for the company from $24.00 to $28.00 in a report on Wednesday, October 30th.

KE Stock Down 3.3 %

The stock has a market capitalization of $23.47 billion, a price-to-earnings ratio of 39.63, a P/E/G ratio of 4.76 and a beta of -0.77. The company’s fifty day simple moving average is $20.70 and its 200 day simple moving average is $17.30.

Hedge Funds Weigh In On KE

Several institutional investors and hedge funds have recently modified their holdings of BEKE. Assenagon Asset Management S.A. acquired a new position in shares of KE in the second quarter valued at about $2,652,000. Blue Trust Inc. grew its stake in shares of KE by 2,662.2% in the second quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after acquiring an additional 3,168 shares in the last quarter. Ninety One North America Inc. grew its stake in shares of KE by 25.5% in the second quarter. Ninety One North America Inc. now owns 1,689,193 shares of the company’s stock valued at $23,902,000 after acquiring an additional 343,668 shares in the last quarter. Ninety One UK Ltd grew its stake in shares of KE by 25.1% in the second quarter. Ninety One UK Ltd now owns 3,713,270 shares of the company’s stock valued at $52,543,000 after acquiring an additional 745,607 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of KE by 7.5% in the second quarter. Bank of New York Mellon Corp now owns 1,044,077 shares of the company’s stock valued at $14,774,000 after acquiring an additional 72,755 shares in the last quarter. 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.