Kingsoft Cloud (NASDAQ:KC) Shares Gap Up – Time to Buy?

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC)’s stock price gapped up prior to trading on Friday. The stock had previously closed at $8.74, but opened at $9.17. Kingsoft Cloud shares last traded at $9.3150, with a volume of 186,480 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Morgan Stanley started coverage on shares of Kingsoft Cloud in a research report on Tuesday, July 7th. They issued an “overweight” rating and a $15.00 price target on the stock. The Goldman Sachs Group set a $18.00 price objective on shares of Kingsoft Cloud in a research note on Tuesday, September 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kingsoft Cloud in a research note on Friday, July 17th. Finally, Bank of America reissued a “buy” rating on shares of Kingsoft Cloud in a report on Wednesday, August 19th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.67.

Kingsoft Cloud Stock Performance

The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -33.02 and a beta of 1.96. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.39. The firm has a fifty day simple moving average of $10.49 and a 200-day simple moving average of $11.99.

Insider Activity

In related news, CEO Tao Zou sold 300,000 shares of the firm’s stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $0.64, for a total value of $192,000.00. Following the transaction, the chief executive officer owned 1,700,000 shares in the company, valued at $1,088,000. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 14.20% of the stock is owned by company insiders.

Institutional Trading of Kingsoft Cloud

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new stake in Kingsoft Cloud in the second quarter worth $588,000. Bank of America Corp DE grew its holdings in shares of Kingsoft Cloud by 93.4% in the 1st quarter. Bank of America Corp DE now owns 165,504 shares of the company’s stock valued at $2,211,000 after buying an additional 79,910 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Kingsoft Cloud in the 1st quarter valued at $9,456,000. Cetera Investment Advisers increased its position in shares of Kingsoft Cloud by 11.7% in the 1st quarter. Cetera Investment Advisers now owns 33,049 shares of the company’s stock valued at $442,000 after buying an additional 3,449 shares in the last quarter. Finally, XY Capital Ltd increased its position in shares of Kingsoft Cloud by 84.2% in the 1st quarter. XY Capital Ltd now owns 274,946 shares of the company’s stock valued at $3,673,000 after buying an additional 125,671 shares in the last quarter. 13.40% of the stock is owned by institutional investors.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited is a cloud service provider headquartered in China. The company delivers cloud infrastructure, platform services and industry-specific solutions to businesses, government organizations and other institutions. Its offerings are designed to support applications such as data processing, enterprise software, online services and digital transformation initiatives.

Kingsoft Cloud’s services include computing, storage, networking, databases, content delivery, cybersecurity, big data and artificial intelligence capabilities.