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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped down prior to trading on Friday . The stock had previously closed at $17.59, but opened at $17.02. Kingsoft Cloud shares last traded at $17.27, with a volume of 576,573 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Nomura downgraded Kingsoft Cloud from a “buy” rating to a “neutral” rating in a report on Monday. UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their target price for the company from $4.20 to $12.50 in a research note on Friday, December 6th. Finally, Nomura Securities downgraded shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Performance

The stock has a fifty day simple moving average of $14.09 and a 200-day simple moving average of $7.80. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $4.29 billion, a P/E ratio of -14.14 and a beta of 2.23.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Walleye Capital LLC bought a new position in shares of Kingsoft Cloud in the third quarter worth about $119,000. Marshall Wace LLP acquired a new stake in shares of Kingsoft Cloud in the fourth quarter valued at approximately $119,000. Vise Technologies Inc. acquired a new position in Kingsoft Cloud during the 4th quarter worth $125,000. Cetera Investment Advisers bought a new position in Kingsoft Cloud in the 4th quarter valued at $138,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Kingsoft Cloud by 12.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock valued at $205,000 after buying an additional 2,200 shares during the period. Institutional investors and hedge funds 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.