Kingsoft Cloud (NASDAQ:KC) Shares Gap Up – Still a Buy?

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $5.78, but opened at $6.18. Kingsoft Cloud shares last traded at $6.28, with a volume of 2,191,304 shares trading hands.

Analysts Set New Price Targets

KC has been the topic of several research analyst reports. Bank of America reduced their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research note on Wednesday, August 21st. 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 report on Friday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4.62.

Kingsoft Cloud Stock Performance

The firm has a market capitalization of $1.83 billion, a P/E ratio of -6.01 and a beta of 2.00. The stock has a fifty day simple moving average of $3.41 and a two-hundred day simple moving average of $2.92. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.84.

Institutional Investors Weigh In On Kingsoft Cloud

Hedge funds and other institutional investors have recently modified their holdings of the company. Profund Advisors LLC bought a new stake in shares of Kingsoft Cloud during the second quarter valued at approximately $27,000. Blue Trust Inc. bought a new stake in Kingsoft Cloud during the second quarter worth $36,000. SG Americas Securities LLC bought a new stake in Kingsoft Cloud during the third quarter worth $47,000. Headlands Technologies LLC grew its holdings in Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after buying an additional 24,932 shares in the last quarter. Finally, Walleye Capital LLC bought a new stake in Kingsoft Cloud during the third quarter worth $119,000. 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.