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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up prior to trading on Wednesday . The stock had previously closed at $16.02, but opened at $16.88. Kingsoft Cloud shares last traded at $17.43, with a volume of 941,537 shares.

Analyst Ratings Changes

Several equities analysts have recently issued reports on KC shares. Nomura downgraded shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating in a report on Monday. Nomura Securities lowered shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, UBS Group raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price target for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $5.93.

Kingsoft Cloud Price Performance

The firm has a market capitalization of $4.48 billion, a PE ratio of -14.74 and a beta of 2.31. The firm’s fifty day moving average price is $13.77 and its 200 day moving average price is $7.67. 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 Trading of Kingsoft Cloud

A number of hedge funds have recently modified their holdings of KC. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Kingsoft Cloud by 12.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock worth $205,000 after buying an additional 2,200 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Kingsoft Cloud by 383.5% during the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after acquiring an additional 255,795 shares in the last quarter. Yeomans Consulting Group Inc. acquired a new stake in shares of Kingsoft Cloud during the 4th quarter valued at about $318,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Kingsoft Cloud in the 3rd quarter valued at about $326,000. Finally, State Street Corp raised its holdings in Kingsoft Cloud by 0.5% in the 3rd quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after purchasing an additional 3,104 shares during the period. Hedge funds and other institutional investors 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.