Kingsoft Cloud (NASDAQ:KC) Shares Gap Up – Time to Buy?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped up before the market opened on Friday . The stock had previously closed at $9.54, but opened at $10.55. Kingsoft Cloud shares last traded at $10.99, with a volume of 1,192,878 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Finally, UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price objective for the company from $4.20 to $12.50 in a report on Friday, December 6th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Trading Up 13.1 %

The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -8.99 and a beta of 2.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The business’s 50-day moving average price is $8.95 and its two-hundred day moving average price is $4.94.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC boosted 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Kingsoft Cloud during the 3rd quarter valued at $326,000. GSA Capital Partners LLP grew its position 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 last quarter. XY Capital Ltd acquired a new position in Kingsoft Cloud in the 3rd quarter worth about $214,000. Finally, Walleye Capital LLC bought a new position in Kingsoft Cloud in the third quarter valued at about $119,000. 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.