Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Should You Sell?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down prior to trading on Thursday . The stock had previously closed at $8.44, but opened at $8.22. Kingsoft Cloud shares last traded at $8.20, with a volume of 291,225 shares traded.

Analyst Upgrades and Downgrades

KC has been the topic of a number of analyst reports. Bank of America reduced their price objective on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research note on Wednesday, August 21st. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their target price for the company from $2.30 to $6.70 in a report on Friday, November 22nd. Finally, UBS Group raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $4.20 to $12.50 in a report on Friday, December 6th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average 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 firm has a market cap of $2.11 billion, a P/E ratio of -6.94 and a beta of 2.49. The business has a 50-day moving average of $5.29 and a two-hundred day moving average of $3.55.

Institutional Investors Weigh In On Kingsoft Cloud

Several institutional investors and hedge funds have recently made changes to their positions in KC. Jane Street Group LLC lifted its holdings in Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after buying an additional 255,795 shares during the period. State Street Corp raised its position in shares of Kingsoft Cloud by 0.5% in the 3rd quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after acquiring an additional 3,104 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Kingsoft Cloud in the 3rd quarter valued at about $119,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Kingsoft Cloud during the 3rd quarter valued at about $326,000. Finally, GSA Capital Partners LLP grew its stake 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 purchasing an additional 81,751 shares during the period. Institutional investors and hedge funds 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.