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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped down prior to trading on Monday . The stock had previously closed at $11.35, but opened at $11.01. Kingsoft Cloud shares last traded at $11.01, with a volume of 368,587 shares.

Analyst Upgrades and Downgrades

Several brokerages recently commented on KC. UBS Group raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their target price for the company from $2.30 to $6.70 in a research report on Friday, November 22nd. Finally, Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. One equities research 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 company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Down 6.6 %

The company has a market capitalization of $2.69 billion, a PE ratio of -8.83 and a beta of 2.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The company has a 50-day moving average of $7.06 and a two-hundred day moving average of $4.19.

Hedge Funds Weigh In On Kingsoft Cloud

Several large investors have recently made changes to their positions in the business. State Street Corp lifted its position in shares of Kingsoft Cloud by 0.5% in the third quarter. State Street Corp now owns 609,790 shares of the company’s stock valued at $1,793,000 after acquiring an additional 3,104 shares in the last quarter. Blue Trust Inc. lifted its position 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 buying an additional 4,458 shares in the last quarter. Profund Advisors LLC purchased a new stake in shares of Kingsoft Cloud in the second quarter worth about $27,000. SG Americas Securities LLC purchased a new stake in shares of Kingsoft Cloud in the third quarter worth about $47,000. Finally, Renaissance Technologies LLC lifted its position in shares of Kingsoft Cloud by 4.0% in the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after buying an additional 17,700 shares in the last quarter. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

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.