Allspring Global Investments Holdings LLC Increases Stock Holdings in Kanzhun Limited (NASDAQ:BZ)

Allspring Global Investments Holdings LLC lifted its stake in Kanzhun Limited (NASDAQ:BZ - Free Report) by 3,918.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,648,976 shares of the company's stock after purchasing an additional 1,607,941 shares during the period. Allspring Global Investments Holdings LLC owned about 0.43% of Kanzhun worth $28,626,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Atlas Capital Advisors LLC bought a new position in shares of Kanzhun in the second quarter worth about $25,000. Summit Securities Group LLC purchased a new stake in Kanzhun in the second quarter worth about $44,000. UMB Bank n.a. purchased a new stake in Kanzhun in the third quarter worth about $42,000. Blue Trust Inc. lifted its stake in Kanzhun by 21.4% in the second quarter. Blue Trust Inc. now owns 7,638 shares of the company's stock worth $134,000 after acquiring an additional 1,347 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Kanzhun in the second quarter worth about $204,000. 60.67% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BZ. Barclays lowered their price objective on shares of Kanzhun from $27.00 to $14.00 and set an "overweight" rating for the company in a research note on Friday, August 30th. Daiwa Capital Markets lowered shares of Kanzhun from a "buy" rating to a "neutral" rating in a research report on Thursday, July 25th. Finally, Daiwa America raised shares of Kanzhun to a "hold" rating in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.40.

Kanzhun Price Performance

NASDAQ:BZ traded down $0.46 during midday trading on Thursday, hitting $14.30. The company's stock had a trading volume of 3,245,060 shares, compared to its average volume of 4,145,976. Kanzhun Limited has a fifty-two week low of $10.57 and a fifty-two week high of $22.74. The firm's 50 day moving average is $14.48 and its 200-day moving average is $17.19. The firm has a market cap of $5.44 billion, a P/E ratio of 36.67 and a beta of 0.52.

Kanzhun (NASDAQ:BZ - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $263.75 million for the quarter, compared to the consensus estimate of $264.38 million. Kanzhun had a net margin of 20.90% and a return on equity of 10.19%. As a group, analysts forecast that Kanzhun Limited will post 0.47 EPS for the current year.

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.