Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Time to Sell?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down before the market opened on Thursday . The stock had previously closed at $8.44, but opened at $8.22. Kingsoft Cloud shares last traded at $8.20, with a volume of 291,225 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Nomura Securities raised Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $2.30 to $6.70 in a research note on Friday, November 22nd. Finally, UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their price objective for the company from $4.20 to $12.50 in a report on Friday, December 6th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $5.93.

Kingsoft Cloud Stock Up 14.0 %

The stock has a market capitalization of $2.43 billion, a P/E ratio of -7.98 and a beta of 2.49. The stock’s fifty day moving average is $5.52 and its two-hundred day moving average is $3.63. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67.

Hedge Funds Weigh In On Kingsoft Cloud

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC lifted its position in shares of Kingsoft Cloud by 383.5% in the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after acquiring an additional 255,795 shares in the last quarter. State Street Corp raised its stake in Kingsoft Cloud by 0.5% during the 3rd quarter. State Street Corp now owns 609,790 shares of the company’s stock valued at $1,793,000 after purchasing an additional 3,104 shares during the period. Walleye Capital LLC purchased a new stake in shares of Kingsoft Cloud in the third quarter valued at $119,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Kingsoft Cloud in the third quarter worth $326,000. Finally, GSA Capital Partners LLP grew its holdings in shares of Kingsoft Cloud by 90.2% during the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock valued at $507,000 after buying an additional 81,751 shares in the last quarter. Institutional investors and hedge funds own 13.40% of the company’s stock.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations primarily in China. The company's products portfolio includes cloud products, including infrastructure as a service (IaaS) infrastructure, platform as a service (PaaS) middleware, and software as a service (SaaS) applications that primarily consist of cloud computing, network, database, big data, security, storage, and delivery solutions.