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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $7.52, but opened at $8.12. Kingsoft Cloud shares last traded at $8.23, with a volume of 1,189,075 shares changing hands.

Analyst Ratings Changes

Several research firms have recently commented on KC. Bank of America decreased their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research note on Wednesday, August 21st. Nomura Securities upgraded shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, Nomura upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their price target for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $4.62.

Kingsoft Cloud Trading Up 7.2 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a fifty day moving average of $4.07 and a 200 day moving average of $3.09. The company has a market capitalization of $2.04 billion, a PE ratio of -6.80 and a beta of 2.49.

Institutional Investors Weigh In On Kingsoft Cloud

Several large investors have recently made changes to their positions in the company. Profund Advisors LLC purchased a new position in shares of Kingsoft Cloud during the 2nd quarter worth about $27,000. Blue Trust Inc. purchased a new stake in shares of Kingsoft Cloud in the second quarter worth approximately $36,000. SG Americas Securities LLC bought a new stake in shares of Kingsoft Cloud during the 3rd quarter worth approximately $47,000. Headlands Technologies LLC boosted its holdings in Kingsoft Cloud by 313.9% during the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after acquiring an additional 24,932 shares during the period. Finally, Walleye Capital LLC bought a new position in Kingsoft Cloud in the 3rd quarter valued at $119,000. 13.40% of the stock is owned by institutional investors.

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.