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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped down before the market opened on Monday . The stock had previously closed at $20.67, but opened at $19.72. Kingsoft Cloud shares last traded at $18.37, with a volume of 2,114,940 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on KC shares. UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. Finally, Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. One 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, the stock presently has an average rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Performance

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 company has a fifty day moving average of $13.01 and a two-hundred day moving average of $7.17. The stock has a market capitalization of $4.72 billion, a P/E ratio of -15.54 and a beta of 2.30.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds have recently added to or reduced their stakes in KC. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Kingsoft Cloud by 12.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock worth $205,000 after purchasing an additional 2,200 shares during the last quarter. State Street Corp grew its position 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 worth $1,793,000 after acquiring an additional 3,104 shares during the last quarter. Two Sigma Advisers LP increased its holdings in shares of Kingsoft Cloud by 13.8% in the 4th quarter. Two Sigma Advisers LP now owns 27,200 shares of the company’s stock worth $285,000 after acquiring an additional 3,300 shares during the period. Blue Trust Inc. lifted its position in Kingsoft Cloud by 30.9% in the 3rd quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after purchasing an additional 4,458 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Kingsoft Cloud by 8.4% in the 4th quarter. Invesco Ltd. now owns 62,855 shares of the company’s stock valued at $659,000 after purchasing an additional 4,878 shares during the last quarter. Institutional investors and hedge funds own 13.40% of the company’s stock.

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.