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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped down before the market opened on Friday . The stock had previously closed at $17.40, but opened at $16.83. Kingsoft Cloud shares last traded at $16.98, with a volume of 1,666,661 shares.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KC. Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. UBS Group raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their target price for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. Finally, Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their price objective for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $5.93.

Kingsoft Cloud Price 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 firm has a 50-day moving average of $10.32 and a 200-day moving average of $5.63. The stock has a market cap of $4.33 billion, a PE ratio of -14.24 and a beta of 2.30.

Institutional Trading of Kingsoft Cloud

A number of institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new position in shares of Kingsoft Cloud in the 3rd quarter valued at about $47,000. Blue Trust Inc. lifted its holdings in Kingsoft Cloud by 30.9% in the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after acquiring an additional 4,458 shares during the last quarter. Walleye Capital LLC acquired a new position in Kingsoft Cloud during the third quarter worth $119,000. Mirae Asset Global Investments Co. Ltd. lifted its stake 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 purchasing an additional 2,200 shares in the last quarter. Finally, XY Capital Ltd purchased a new stake in shares of Kingsoft Cloud during the third quarter worth $214,000. 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.