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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $20.17, but opened at $21.13. Kingsoft Cloud shares last traded at $21.87, with a volume of 1,732,829 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on KC. Nomura Securities upgraded shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. Finally, Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $2.30 to $6.70 in a research note on Friday, November 22nd. One research 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Stock Up 2.5 %

The firm has a 50 day simple moving average of $12.61 and a two-hundred day simple moving average of $6.91. The stock has a market capitalization of $5.24 billion, a P/E ratio of -17.23 and a beta of 2.31. 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

Large investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in shares of Kingsoft Cloud during the fourth quarter valued at about $609,000. GTS Securities LLC purchased a new stake in Kingsoft Cloud during the fourth quarter valued at $325,000. Vise Technologies Inc. bought a new position in Kingsoft Cloud in the 4th quarter worth $125,000. Voloridge Investment Management LLC bought a new stake in shares of Kingsoft Cloud during the 4th quarter valued at $16,345,000. Finally, Vident Advisory LLC lifted its holdings in shares of Kingsoft Cloud by 158.9% in the fourth quarter. Vident Advisory LLC now owns 89,794 shares of the company’s stock worth $942,000 after buying an additional 55,113 shares in the last quarter. 13.40% of the stock is owned by institutional investors.

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.