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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $10.72, but opened at $11.26. Kingsoft Cloud shares last traded at $11.55, with a volume of 445,798 shares.

Wall Street Analyst Weigh In

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

Kingsoft Cloud Price Performance

The firm has a market cap of $2.86 billion, a P/E ratio of -9.39 and a beta of 2.49. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The stock’s 50-day simple moving average is $6.89 and its two-hundred day simple moving average is $4.10.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. State Street Corp boosted its stake in shares of Kingsoft Cloud by 0.5% during the third 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. Blue Trust Inc. lifted its holdings in Kingsoft Cloud by 30.9% during the 3rd quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after buying an additional 4,458 shares in the last quarter. Profund Advisors LLC bought a new stake in Kingsoft Cloud during the 2nd quarter valued at about $27,000. SG Americas Securities LLC purchased a new stake in Kingsoft Cloud in the 3rd quarter valued at about $47,000. Finally, Renaissance Technologies LLC grew its stake in Kingsoft Cloud by 4.0% in the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after acquiring an additional 17,700 shares in the last quarter. 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.