Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $4.08

Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $4.08, but opened at $4.42. Kingsoft Cloud shares last traded at $4.47, with a volume of 1,088,314 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have commented on KC shares. China Renaissance cut Kingsoft Cloud from a “hold” rating to a “sell” rating in a research note on Monday, January 9th. JPMorgan Chase & Co. started coverage on Kingsoft Cloud in a research note on Monday. They issued a “neutral” rating on the stock.

Kingsoft Cloud Trading Up 12.4 %

The company has a market cap of $1.33 billion, a P/E ratio of -3.34 and a beta of 1.88. The business has a 50 day moving average price of $4.58 and a 200-day moving average price of $3.44.

Institutional Investors Weigh In On Kingsoft Cloud

A number of institutional investors and hedge funds have recently made changes to their positions in KC. Renaissance Technologies LLC raised its stake in Kingsoft Cloud by 129.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,863,100 shares of the company’s stock valued at $11,309,000 after acquiring an additional 1,052,088 shares during the period. Maxi Investments CY Ltd bought a new stake in Kingsoft Cloud in the 3rd quarter valued at $1,990,000. BlackRock Inc. raised its stake in Kingsoft Cloud by 35.9% in the 1st quarter. BlackRock Inc. now owns 3,483,442 shares of the company’s stock valued at $21,147,000 after acquiring an additional 919,363 shares during the period. State Street Corp raised its stake in Kingsoft Cloud by 53.4% in the 1st quarter. State Street Corp now owns 1,752,811 shares of the company’s stock valued at $10,640,000 after acquiring an additional 609,961 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Kingsoft Cloud by 33.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,224,912 shares of the company’s stock valued at $7,435,000 after acquiring an additional 303,984 shares during the period. Institutional investors own 20.32% of the company’s stock.

Kingsoft Cloud Company Profile

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Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations in China. The company offers public cloud services to customers in various verticals, including game, video, AI, e-commerce, education, and mobile internet; and enterprise cloud services to customers in financial service, public service, and healthcare businesses.