Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Time to Sell?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) 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 Analysts Forecast Growth

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

Kingsoft Cloud Trading Down 9.8 %

The business has a 50 day simple moving average of $12.61 and a two-hundred day simple moving average of $6.94. The company has a market cap of $4.73 billion, a PE ratio of -15.50 and a beta of 2.31. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in shares of Kingsoft Cloud during the third quarter valued at approximately $47,000. Blue Trust Inc. grew its stake 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 worth $56,000 after purchasing an additional 4,458 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Kingsoft Cloud in the 3rd quarter worth approximately $119,000. Marshall Wace LLP acquired a new position in shares of Kingsoft Cloud during the 4th quarter valued at $119,000. Finally, Vise Technologies Inc. acquired a new position in Kingsoft Cloud during the fourth quarter worth about $125,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.