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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $10.72, but opened at $11.26. Kingsoft Cloud shares last traded at $11.55, with a volume of 445,798 shares trading hands.

Wall Street Analysts Forecast Growth

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

Kingsoft Cloud Trading Up 5.9 %

The stock has a market capitalization of $2.88 billion, a P/E ratio of -9.46 and a beta of 2.49. The business has a 50 day simple moving average of $7.06 and a 200-day simple moving average of $4.17. 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 Investors Weigh In On Kingsoft Cloud

A number of institutional investors and hedge funds have recently bought and sold shares of KC. Profund Advisors LLC acquired a new stake in shares of Kingsoft Cloud during the 2nd quarter valued at $27,000. SG Americas Securities LLC acquired a new stake in shares of Kingsoft Cloud during the third quarter worth $47,000. Blue Trust Inc. lifted its holdings in shares of Kingsoft Cloud by 30.9% during the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after purchasing an additional 4,458 shares during the last quarter. Headlands Technologies LLC boosted its position in shares of Kingsoft Cloud by 313.9% in the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after purchasing an additional 24,932 shares during the period. Finally, Walleye Capital LLC purchased a new position in Kingsoft Cloud in the 3rd quarter worth about $119,000. 13.40% of the stock is owned by institutional investors and hedge funds.

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.