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 $8.44, but opened at $8.22. Kingsoft Cloud shares last traded at $8.20, with a volume of 291,225 shares.

Analysts Set New Price Targets

A number of analysts recently issued reports on KC shares. Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their target price for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Finally, UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their target price for the company from $4.20 to $12.50 in a report on Friday, December 6th. One investment 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Price Performance

The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average of $5.52 and a 200-day moving average of $3.63. The stock has a market capitalization of $2.43 billion, a P/E ratio of -7.98 and a beta of 2.49.

Institutional Investors Weigh In On Kingsoft Cloud

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