Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped down prior to trading on Thursday . The stock had previously closed at $18.01, but opened at $17.03. Kingsoft Cloud shares last traded at $16.47, with a volume of 1,915,957 shares trading hands.

Wall Street Analyst Weigh In

KC has been the subject of a number of research reports. UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price objective for the company from $2.30 to $6.70 in a report on Friday, November 22nd. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Price Performance

The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of -17.34 and a beta of 2.31. The company’s 50 day moving average is $11.54 and its 200-day moving average is $6.27. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

Institutional Investors Weigh In On Kingsoft Cloud

Several hedge funds have recently bought and sold shares of KC. SG Americas Securities LLC acquired a new stake in Kingsoft Cloud during the third quarter worth approximately $47,000. Blue Trust Inc. lifted its position in Kingsoft Cloud by 30.9% during the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock worth $56,000 after acquiring an additional 4,458 shares during the last quarter. XY Capital Ltd acquired a new stake in Kingsoft Cloud during the third quarter worth approximately $214,000. GSA Capital Partners LLP lifted 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 worth $507,000 after acquiring an additional 81,751 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Kingsoft Cloud during the third quarter worth approximately $326,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.