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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped down before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

KC has been the subject of a number of analyst reports. Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. UBS Group raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their target price for the company from $4.20 to $12.50 in a research note on Friday, December 6th. Finally, Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Kingsoft Cloud currently has an average rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Price Performance

The firm has a market cap of $5.28 billion, a price-to-earnings ratio of -17.34 and a beta of 2.31. The stock’s fifty day moving average price is $11.54 and its 200-day moving average price is $6.27. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Renaissance Technologies LLC lifted its stake in shares of Kingsoft Cloud by 69.8% in the 4th quarter. Renaissance Technologies LLC now owns 867,934 shares of the company’s stock valued at $9,105,000 after purchasing an additional 356,834 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Kingsoft Cloud by 628.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company’s stock valued at $8,464,000 after purchasing an additional 696,094 shares during the period. State Street Corp lifted its stake 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 valued at $1,793,000 after purchasing an additional 3,104 shares during the period. Jump Financial LLC acquired a new position in shares of Kingsoft Cloud in the 4th quarter valued at $6,179,000. Finally, Jane Street Group LLC lifted its stake in shares of Kingsoft Cloud by 383.5% in the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after purchasing an additional 255,795 shares during the period. Institutional investors and hedge funds 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.