Korea Investment CORP purchased a new position in shares of BEST Inc (NYSE:BSTI) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 213,200 shares of the company’s stock, valued at approximately $2,605,000.
A number of other institutional investors also recently made changes to their positions in BSTI. Tiger Pacific Capital LP grew its holdings in BEST by 75.2% during the second quarter. Tiger Pacific Capital LP now owns 4,581,042 shares of the company’s stock worth $55,980,000 after buying an additional 1,966,188 shares in the last quarter. WIM Asset Management HK Ltd bought a new stake in BEST during the second quarter worth $23,193,000. FIL Ltd grew its holdings in BEST by 97.1% during the first quarter. FIL Ltd now owns 2,451,700 shares of the company’s stock worth $25,253,000 after buying an additional 1,207,565 shares in the last quarter. Wells Fargo & Company MN grew its holdings in BEST by 11.1% during the first quarter. Wells Fargo & Company MN now owns 7,698,495 shares of the company’s stock worth $79,294,000 after buying an additional 768,989 shares in the last quarter. Finally, Pendal Group Ltd grew its holdings in BEST by 108.5% during the second quarter. Pendal Group Ltd now owns 985,361 shares of the company’s stock worth $12,041,000 after buying an additional 512,789 shares in the last quarter. Institutional investors and hedge funds own 18.54% of the company’s stock.
Several brokerages recently issued reports on BSTI. Macquarie downgraded BEST from an “outperform” rating to a “neutral” rating in a report on Wednesday, June 13th. JPMorgan Chase & Co. upped their price target on BEST from $13.50 to $14.80 and gave the stock an “overweight” rating in a report on Wednesday, June 13th. Citigroup upgraded BEST from a “neutral” rating to a “buy” rating in a report on Saturday, June 2nd. Zacks Investment Research downgraded BEST from a “hold” rating to a “sell” rating in a research note on Tuesday, July 10th. Finally, KeyCorp reduced their price objective on BEST from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, July 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $12.80.
BEST (NYSE:BSTI) last announced its quarterly earnings data on Wednesday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.12 billion. equities analysts anticipate that BEST Inc will post -0.15 EPS for the current fiscal year.
BEST Inc operates as a smart supply chain service provider in the People's Republic of China. Its proprietary technology platform enables its ecosystem participants to operate their businesses through various SaaS-based applications. The company applies its technologies to a range of applications, such as network and route optimization, swap bodies, sorting line automation, smart warehouses, and store management.
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