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

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up prior to trading on Monday . The stock had previously closed at $16.94, but opened at $18.00. Kingsoft Cloud shares last traded at $18.43, with a volume of 1,585,477 shares traded.

Analysts Set New Price Targets

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

Kingsoft Cloud Stock Down 7.2 %

The firm’s fifty day moving average is $10.75 and its 200 day moving average is $5.88. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC lifted its position in Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after buying an additional 255,795 shares during the last quarter. Yeomans Consulting Group Inc. acquired a new position in Kingsoft Cloud in the fourth quarter valued at about $318,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Kingsoft Cloud in the third quarter valued at about $326,000. State Street Corp lifted its position in Kingsoft Cloud by 0.5% in the third 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 during the last quarter. Finally, Blue Trust Inc. lifted its position in Kingsoft Cloud by 30.9% in the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after buying an additional 4,458 shares during the last quarter. Institutional investors and hedge funds 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.