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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $18.01, but opened at $17.03. Kingsoft Cloud shares last traded at $16.47, with a volume of 1,915,957 shares trading hands.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $4.20 to $12.50 in a research note on Friday, December 6th. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $2.30 to $6.70 in a report on Friday, November 22nd. Finally, Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price 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 market cap of $4.31 billion, a PE ratio of -14.23 and a beta of 2.31. The stock has a 50 day simple moving average of $11.14 and a two-hundred day simple moving average of $6.07.

Institutional Investors Weigh In On Kingsoft Cloud

A number of institutional investors and hedge funds have recently made changes to their positions in KC. SG Americas Securities LLC purchased a new position in shares of Kingsoft Cloud during the third quarter worth about $47,000. Blue Trust Inc. lifted its position in Kingsoft Cloud by 30.9% during the 3rd quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock worth $56,000 after acquiring an additional 4,458 shares during the period. XY Capital Ltd purchased a new position in shares of Kingsoft Cloud in the 3rd quarter valued at approximately $214,000. GSA Capital Partners LLP increased its holdings in shares of Kingsoft Cloud by 90.2% in the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock valued at $507,000 after purchasing an additional 81,751 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Kingsoft Cloud during the third quarter worth approximately $326,000. 13.40% of the stock is owned by hedge funds and other institutional investors.

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.