KraneShares CSI China Internet ETF (NYSEARCA:KWEB) Stock Price Down 6.7% – Here’s Why

Shares of KraneShares CSI China Internet ETF (NYSEARCA:KWEB) dropped 6.7% on Friday . The stock traded as low as $31.78 and last traded at $32.00. Approximately 47,291,081 shares changed hands during trading, an increase of 116% from the average daily volume of 21,884,488 shares. The stock had previously closed at $34.30.

KraneShares CSI China Internet ETF Trading Down 6.7 %

The company has a market capitalization of $6.35 billion, a PE ratio of 22.48 and a beta of 1.30. The firm has a fifty day moving average of $31.02 and a two-hundred day moving average of $29.13.

Institutional Investors Weigh In On KraneShares CSI China Internet ETF

Institutional investors have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. lifted its holdings in KraneShares CSI China Internet ETF by 30.0% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 8,405 shares of the company’s stock worth $221,000 after buying an additional 1,940 shares during the period. Mizuho Securities USA LLC purchased a new stake in KraneShares CSI China Internet ETF in the 1st quarter worth approximately $262,000. Janney Montgomery Scott LLC purchased a new stake in KraneShares CSI China Internet ETF in the 1st quarter worth approximately $520,000. Lake Street Advisors Group LLC purchased a new stake in KraneShares CSI China Internet ETF in the 1st quarter worth approximately $1,231,000. Finally, Stamos Capital Partners L.P. lifted its holdings in KraneShares CSI China Internet ETF by 66.3% in the 1st quarter. Stamos Capital Partners L.P. now owns 123,270 shares of the company’s stock worth $3,236,000 after buying an additional 49,160 shares during the period.

About KraneShares CSI China Internet ETF

The KraneShares CSI China Internet ETF (KWEB) is an exchange-traded fund that is based on the CSI Overseas China Internet index. The fund tracks a market cap-weighted index composed of overseas-listed Chinese Internet companies. KWEB was launched on Jul 31, 2013 and is managed by KraneShares.