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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down before the market opened on Monday . The stock had previously closed at $7.21, but opened at $6.75. Kingsoft Cloud shares last traded at $6.84, with a volume of 1,061,688 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. Finally, Bank of America dropped their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $4.62.

Kingsoft Cloud Stock Performance

The stock has a 50 day moving average price of $3.58 and a two-hundred day moving average price of $2.97. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

Institutional Trading of Kingsoft Cloud

Several large investors have recently added to or reduced their stakes in KC. Swedbank AB acquired a new stake in shares of Kingsoft Cloud in the first quarter worth $649,000. Blue Trust Inc. grew 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 purchasing an additional 4,458 shares during the period. SG Americas Securities LLC purchased a new position in shares of Kingsoft Cloud during the 3rd quarter valued at about $47,000. Headlands Technologies LLC lifted its holdings in shares of Kingsoft Cloud by 313.9% in the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after buying an additional 24,932 shares during the period. Finally, GSA Capital Partners LLP grew its holdings in Kingsoft Cloud by 90.2% during the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock worth $507,000 after acquiring an additional 81,751 shares during the period. Hedge funds and other institutional investors own 13.40% of the company’s stock.

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.