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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $17.52, but opened at $16.75. Kingsoft Cloud shares last traded at $16.52, with a volume of 208,870 shares changing hands.

Wall Street Analyst Weigh In

KC has been the subject of several research analyst reports. UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. Nomura Securities downgraded shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 3rd. Finally, Nomura downgraded shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating in a research report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Kingsoft Cloud presently has a consensus rating of “Moderate Buy” and an average target price of $5.93.

Kingsoft Cloud Stock Performance

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 50-day moving average of $14.57 and a 200-day moving average of $8.26. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of -14.07 and a beta of 2.23.

Institutional Trading of Kingsoft Cloud

Institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in Kingsoft Cloud by 12.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock worth $205,000 after acquiring an additional 2,200 shares during the period. State Street Corp grew its stake in shares of Kingsoft Cloud by 0.5% during 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 during the period. Two Sigma Advisers LP increased its holdings in shares of Kingsoft Cloud by 13.8% during the 4th quarter. Two Sigma Advisers LP now owns 27,200 shares of the company’s stock valued at $285,000 after purchasing an additional 3,300 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Kingsoft Cloud by 8.4% in the 4th quarter. Invesco Ltd. now owns 62,855 shares of the company’s stock valued at $659,000 after purchasing an additional 4,878 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Kingsoft Cloud during the fourth quarter worth $119,000. 13.40% of the stock is currently 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.