Kingsoft Cloud (NASDAQ:KC) Shares Gap Up – Still a Buy?

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $16.02, but opened at $16.88. Kingsoft Cloud shares last traded at $17.43, with a volume of 941,537 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently commented on KC. Nomura lowered shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating in a report on Monday. UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $4.20 to $12.50 in a research note on Friday, December 6th. Finally, Nomura Securities lowered Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a research note on Monday. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Performance

The stock has a 50-day moving average of $13.77 and a 200 day moving average of $7.67. The stock has a market cap of $4.48 billion, a PE ratio of -14.74 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.

Hedge Funds Weigh In On Kingsoft Cloud

A number of institutional investors have recently bought and sold shares of KC. D. E. Shaw & Co. Inc. acquired a new stake in shares of Kingsoft Cloud during the 4th quarter worth about $21,076,000. Voloridge Investment Management LLC purchased a new stake in Kingsoft Cloud in the fourth quarter valued at approximately $16,345,000. Millennium Management LLC boosted its position in shares of Kingsoft Cloud by 4,098.3% during the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company’s stock worth $9,389,000 after buying an additional 873,686 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Kingsoft Cloud by 628.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company’s stock valued at $8,464,000 after buying an additional 696,094 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new position in Kingsoft Cloud in the 4th quarter valued at about $6,378,000. 13.40% of the stock is owned by hedge funds and other 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.