Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $2.93

Kingsoft Cloud Holdings Limited (NASDAQ:KCGet Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $2.93, but opened at $3.08. Kingsoft Cloud shares last traded at $3.09, with a volume of 247,003 shares trading hands.

Analyst Ratings Changes

KC has been the subject of a number of analyst reports. CLSA raised Kingsoft Cloud from an “underperform” rating to an “outperform” rating and set a $4.40 price target for the company in a report on Thursday, March 21st. Citigroup raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a report on Thursday, March 21st. Jefferies Financial Group increased their price target on Kingsoft Cloud from $3.40 to $3.80 and gave the company a “buy” rating in a report on Monday, March 25th. Finally, JPMorgan Chase & Co. raised Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a report on Monday, March 11th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Kingsoft Cloud currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.55.

Get Our Latest Analysis on Kingsoft Cloud

Kingsoft Cloud Trading Up 3.8 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 0.89. The business has a fifty day simple moving average of $2.89 and a 200 day simple moving average of $3.85. The company has a market cap of $771.22 million, a P/E ratio of -2.36 and a beta of 2.13.

Institutional Trading of Kingsoft Cloud

A number of institutional investors and hedge funds have recently made changes to their positions in KC. Renaissance Technologies LLC raised its position in shares of Kingsoft Cloud by 129.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,863,100 shares of the company’s stock worth $11,309,000 after purchasing an additional 1,052,088 shares during the period. BlackRock Inc. raised its position in shares of Kingsoft Cloud by 35.9% during the 1st quarter. BlackRock Inc. now owns 3,483,442 shares of the company’s stock worth $21,147,000 after purchasing an additional 919,363 shares during the period. State Street Corp raised its position in shares of Kingsoft Cloud by 53.4% during the 1st quarter. State Street Corp now owns 1,752,811 shares of the company’s stock worth $10,640,000 after purchasing an additional 609,961 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Kingsoft Cloud by 33.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,224,912 shares of the company’s stock worth $7,435,000 after purchasing an additional 303,984 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Kingsoft Cloud by 345.8% during the 1st quarter. JPMorgan Chase & Co. now owns 348,582 shares of the company’s stock worth $2,116,000 after purchasing an additional 270,390 shares during the period. 13.40% of the stock is currently owned by institutional investors and hedge funds.

About Kingsoft Cloud

(Get Free Report)

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations 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, storage, and delivery solutions.

Further Reading

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