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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down prior to trading on Monday . The stock had previously closed at $7.21, but opened at $6.75. Kingsoft Cloud shares last traded at $6.84, with a volume of 1,061,688 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have commented on KC. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their target price for the company from $2.30 to $6.70 in a research note on Friday. Bank of America reduced their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a report on Wednesday, August 21st. One research analyst has 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.62.

Kingsoft Cloud Stock Down 3.5 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The business’s 50 day simple moving average is $3.41 and its two-hundred day simple moving average is $2.92.

Hedge Funds Weigh In On Kingsoft Cloud

A number of institutional investors and hedge funds have recently made changes to their positions in KC. Jane Street Group LLC lifted its position in Kingsoft Cloud by 383.5% during the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after purchasing an additional 255,795 shares in the last quarter. State Street Corp lifted its position 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 valued at $1,793,000 after buying an additional 3,104 shares in the last quarter. Walleye Capital LLC bought a new position in shares of Kingsoft Cloud during the 3rd quarter valued at approximately $119,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Kingsoft Cloud in the 3rd quarter worth approximately $326,000. Finally, GSA Capital Partners LLP raised its stake in Kingsoft Cloud by 90.2% during the 3rd 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. Hedge funds and other institutional investors 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.