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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) 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

KC has been the topic of several recent research reports. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their price objective for the company from $2.30 to $6.70 in a research report on Friday, November 22nd. UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their price objective for the company from $4.20 to $12.50 in a research report on Friday, December 6th. 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 assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Trading Down 6.6 %

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 company has a market cap of $2.69 billion, a PE ratio of -8.83 and a beta of 2.29. The stock has a 50 day moving average price of $7.06 and a 200 day moving average price of $4.19.

Institutional Trading of Kingsoft Cloud

A number of institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased its holdings 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 purchasing an additional 3,104 shares in the last quarter. Renaissance Technologies LLC grew its holdings 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 acquiring an additional 17,700 shares during the period. Jane Street Group LLC grew its holdings in shares of Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after acquiring an additional 255,795 shares during the period. GSA Capital Partners LLP grew 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 acquiring an additional 81,751 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Kingsoft Cloud in the third quarter worth $326,000. Institutional investors 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.