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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped up before the market opened on Friday . The stock had previously closed at $20.17, but opened at $21.13. Kingsoft Cloud shares last traded at $21.87, with a volume of 1,732,829 shares changing hands.

Wall Street Analyst Weigh In

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

Kingsoft Cloud Stock Up 4.2 %

The firm’s 50-day moving average is $12.38 and its 200 day moving average is $6.75. The firm has a market capitalization of $5.33 billion, a PE ratio of -17.52 and a beta of 2.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67.

Hedge Funds Weigh In On Kingsoft Cloud

Several institutional investors and hedge funds have recently bought and sold shares of KC. SG Americas Securities LLC purchased a new stake in Kingsoft Cloud during the 3rd quarter worth $47,000. Blue Trust Inc. boosted its holdings in Kingsoft Cloud by 30.9% in the 3rd 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 period. Walleye Capital LLC acquired a new position in shares of Kingsoft Cloud during the third quarter worth $119,000. Marshall Wace LLP acquired a new stake in Kingsoft Cloud during the 4th quarter valued at $119,000. Finally, Vise Technologies Inc. acquired a new position in Kingsoft Cloud in the 4th quarter worth $125,000. Institutional investors and hedge funds own 13.40% of the company’s stock.

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.