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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up before the market opened on Monday . The stock had previously closed at $12.57, but opened at $14.92. Kingsoft Cloud shares last traded at $15.96, with a volume of 4,977,441 shares traded.

Analysts Set New Price Targets

KC has been the topic of a number of research analyst reports. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their price target for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. Finally, UBS Group upgraded shares of 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 report on Friday, December 6th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Stock Up 0.3 %

The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $3.85 billion, a P/E ratio of -12.66 and a beta of 2.30. The firm has a fifty day simple moving average of $9.94 and a 200-day simple moving average of $5.47.

Institutional Investors Weigh In On Kingsoft Cloud

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in Kingsoft Cloud during the 3rd quarter worth about $47,000. Blue Trust Inc. grew its holdings in shares of Kingsoft Cloud by 30.9% during the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock worth $56,000 after buying an additional 4,458 shares in the last quarter. Walleye Capital LLC acquired a new stake in Kingsoft Cloud in the 3rd quarter valued at approximately $119,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Kingsoft Cloud by 12.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock valued at $205,000 after acquiring an additional 2,200 shares in the last quarter. Finally, XY Capital Ltd acquired a new position in Kingsoft Cloud during the 3rd quarter worth approximately $214,000. 13.40% of the stock is owned by institutional investors.

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.