Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Here’s Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped down before the market opened on Friday . The stock had previously closed at $9.63, but opened at $9.27. Kingsoft Cloud shares last traded at $9.28, with a volume of 448,957 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Bank of America reduced their target price on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a research note on Wednesday, August 21st. UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price target for the company from $4.20 to $12.50 in a research note on Friday, December 6th. Finally, Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price target for the company from $2.30 to $6.70 in a report on Friday, November 22nd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Down 4.9 %

The stock has a fifty day moving average of $4.99 and a 200-day moving average of $3.43. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of -7.63 and a beta of 2.49. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

Institutional Trading of Kingsoft Cloud

Hedge funds have recently modified their holdings of the business. Profund Advisors LLC purchased a new stake in shares of Kingsoft Cloud in the second quarter worth approximately $27,000. Blue Trust Inc. acquired a new stake in shares of Kingsoft Cloud during the 2nd quarter valued at $36,000. SG Americas Securities LLC purchased a new position in shares of Kingsoft Cloud during the 3rd quarter valued at $47,000. Headlands Technologies LLC increased its stake in shares of Kingsoft Cloud by 313.9% in the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after acquiring an additional 24,932 shares during the last quarter. Finally, Walleye Capital LLC acquired a new position in shares of Kingsoft Cloud in the third quarter worth $119,000. Hedge funds and other 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.