Kingsoft Cloud (NASDAQ:KC) Shares Gap Up – Here’s Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped up prior to trading on Thursday . The stock had previously closed at $8.92, but opened at $10.10. Kingsoft Cloud shares last traded at $10.01, with a volume of 1,378,954 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. UBS Group raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their target price for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Nomura Securities upgraded shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Nomura upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Kingsoft Cloud currently has a consensus rating of “Buy” and an average target price of $5.93.

Kingsoft Cloud Trading Up 9.0 %

The firm’s 50 day simple moving average is $5.90 and its two-hundred day simple moving average is $3.77. The stock has a market capitalization of $2.47 billion, a P/E ratio of -8.10 and a beta of 2.49. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10.

Hedge Funds Weigh In On Kingsoft Cloud

A number of large investors have recently modified their holdings of the company. State Street Corp raised its position in Kingsoft Cloud by 0.5% in the 3rd quarter. State Street Corp now owns 609,790 shares of the company’s stock valued at $1,793,000 after buying an additional 3,104 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after buying an additional 17,700 shares in the last quarter. Jane Street Group LLC boosted its holdings 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 worth $948,000 after buying an additional 255,795 shares during the last quarter. GSA Capital Partners LLP grew its position in 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 during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Kingsoft Cloud in the third quarter worth about $326,000. 13.40% of the stock is currently owned by institutional investors.

About Kingsoft Cloud

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.