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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $9.54, but opened at $10.55. Kingsoft Cloud shares last traded at $10.99, with a volume of 1,192,878 shares traded.

Analysts Set New Price Targets

Several brokerages have recently weighed in on KC. 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. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their price target for the stock from $2.30 to $6.70 in a report on Friday, November 22nd. Finally, Nomura Securities upgraded shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Kingsoft Cloud currently has a consensus rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Price Performance

The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10. The stock has a market cap of $2.75 billion, a P/E ratio of -8.99 and a beta of 2.29. The company’s fifty day simple moving average is $8.84 and its 200-day simple moving average is $4.88.

Institutional Investors Weigh In On Kingsoft Cloud

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Profund Advisors LLC bought a new position in Kingsoft Cloud during the 2nd quarter worth about $27,000. SG Americas Securities LLC acquired a new position in Kingsoft Cloud during the 3rd quarter worth approximately $47,000. Blue Trust Inc. raised its holdings in shares of 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 purchasing an additional 4,458 shares during the last quarter. Walleye Capital LLC acquired a new stake in shares of Kingsoft Cloud in the third quarter valued at approximately $119,000. Finally, XY Capital Ltd acquired a new stake in Kingsoft Cloud in the 3rd quarter valued at $214,000. Institutional investors 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.