Citigroup Has Lowered Expectations for Kanzhun (NASDAQ:BZ) Stock Price

Kanzhun (NASDAQ:BZ) had its price target dropped by investment analysts at Citigroup from $17.00 to $16.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 21.40% from the company’s current price.

Other analysts have also recently issued reports about the company. Barclays cut their price objective on Kanzhun from $27.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. CLSA began coverage on Kanzhun in a research note on Monday, November 18th. They set an “outperform” rating and a $18.00 target price on the stock. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.57.

Kanzhun Stock Up 4.8 %

Shares of NASDAQ:BZ traded up $0.60 during midday trading on Friday, hitting $13.18. The stock had a trading volume of 1,143,075 shares, compared to its average volume of 4,122,208. The company has a market cap of $5.00 billion, a P/E ratio of 30.65 and a beta of 0.55. Kanzhun has a 12 month low of $10.57 and a 12 month high of $22.74. The business’s 50-day simple moving average is $15.05 and its 200-day simple moving average is $16.26.

Kanzhun (NASDAQ:BZ) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. Kanzhun had a net margin of 20.90% and a return on equity of 10.19%. The company had revenue of $263.75 million for the quarter, compared to analyst estimates of $264.38 million. As a group, equities analysts predict that Kanzhun will post 0.47 earnings per share for the current year.

Hedge Funds Weigh In On Kanzhun

Several hedge funds have recently bought and sold shares of BZ. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Kanzhun by 812.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,120,232 shares of the company’s stock worth $123,607,000 after acquiring an additional 6,339,911 shares in the last quarter. RWC Asset Advisors US LLC increased its position in Kanzhun by 79.8% during the 2nd quarter. RWC Asset Advisors US LLC now owns 5,700,186 shares of the company’s stock worth $107,220,000 after purchasing an additional 2,529,725 shares in the last quarter. Federated Hermes Inc. lifted its stake in Kanzhun by 10.4% in the 2nd quarter. Federated Hermes Inc. now owns 5,368,870 shares of the company’s stock valued at $100,988,000 after purchasing an additional 507,337 shares during the last quarter. State Street Corp boosted its position in Kanzhun by 2.8% in the third quarter. State Street Corp now owns 5,084,631 shares of the company’s stock valued at $88,269,000 after buying an additional 138,804 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Kanzhun in the third quarter valued at approximately $64,220,000. 60.67% of the stock is owned by institutional investors.

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.