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 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 trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on KC shares. UBS Group raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $4.20 to $12.50 in a research note on Friday, December 6th. Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price target for the company from $2.30 to $6.70 in a report on Friday, November 22nd. 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 equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Kingsoft Cloud presently has an average rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Performance

The business’s 50 day simple moving average is $12.61 and its two-hundred day simple moving average is $6.94. 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 capitalization of $4.73 billion, a P/E ratio of -15.50 and a beta of 2.31.

Hedge Funds Weigh In On Kingsoft Cloud

A number of institutional investors and hedge funds have recently modified their holdings of KC. Public Employees Retirement System of Ohio bought a new stake in Kingsoft Cloud during the fourth quarter valued at about $609,000. GTS Securities LLC bought a new stake in Kingsoft Cloud during the 4th quarter worth approximately $325,000. Vise Technologies Inc. purchased a new position in Kingsoft Cloud during the fourth quarter valued at approximately $125,000. Voloridge Investment Management LLC purchased a new stake in shares of Kingsoft Cloud in the fourth quarter worth $16,345,000. Finally, Vident Advisory LLC lifted its stake in shares of Kingsoft Cloud by 158.9% during the 4th quarter. Vident Advisory LLC now owns 89,794 shares of the company’s stock valued at $942,000 after buying an additional 55,113 shares in the last quarter. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

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.