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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $7.52, but opened at $8.12. Kingsoft Cloud shares last traded at $8.23, with a volume of 1,189,075 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently 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. Nomura upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their target price for the stock from $2.30 to $6.70 in a research note on Friday, November 22nd. Finally, Bank of America decreased their price target on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Kingsoft Cloud currently has a consensus rating of “Buy” and a consensus price target of $4.62.

Kingsoft Cloud Stock Performance

The firm has a market capitalization of $2.04 billion, a P/E ratio of -6.80 and a beta of 2.49. The company has a 50-day simple moving average of $4.07 and a two-hundred day simple moving average of $3.09. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in KC. Jane Street Group LLC raised its stake in Kingsoft Cloud by 383.5% during the 3rd 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 last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Kingsoft Cloud in the 3rd quarter worth approximately $326,000. GSA Capital Partners LLP boosted its holdings in shares of Kingsoft Cloud by 90.2% in the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock worth $507,000 after buying an additional 81,751 shares during the last quarter. XY Capital Ltd bought a new stake in Kingsoft Cloud during the third quarter valued at approximately $214,000. Finally, Walleye Capital LLC purchased a new stake in Kingsoft Cloud during the third quarter valued at approximately $119,000. 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.