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

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $12.45, but opened at $11.81. Kingsoft Cloud shares last traded at $12.17, with a volume of 650,557 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on KC. Bank of America upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating in a report on Tuesday, September 9th. Zacks Research upgraded shares of Kingsoft Cloud from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kingsoft Cloud in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Kingsoft Cloud in a research note on Tuesday, September 16th. They set a “buy” rating and a $21.00 price target on the stock. Finally, Wall Street Zen upgraded Kingsoft Cloud from a “sell” rating to a “hold” rating in a research note on Sunday, August 24th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $17.27.

Kingsoft Cloud Stock Performance

The company has a market cap of $3.65 billion, a P/E ratio of -23.21 and a beta of 2.14. The stock has a fifty day moving average price of $13.77 and a two-hundred day moving average price of $13.63. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.96 and a quick ratio of 0.96.

Institutional Trading of Kingsoft Cloud

Several institutional investors have recently modified their holdings of the company. Artisan Partners Limited Partnership acquired a new position in Kingsoft Cloud during the third quarter worth about $51,504,000. JPMorgan Chase & Co. boosted its position in shares of Kingsoft Cloud by 2,541.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,129,120 shares of the company’s stock valued at $14,137,000 after purchasing an additional 1,086,372 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Kingsoft Cloud in the 1st quarter worth approximately $10,573,000. Penserra Capital Management LLC acquired a new position in shares of Kingsoft Cloud in the 2nd quarter worth approximately $5,955,000. Finally, LMR Partners LLP raised its holdings in shares of Kingsoft Cloud by 1,114.5% in the 2nd quarter. LMR Partners LLP now owns 518,200 shares of the company’s stock worth $6,488,000 after purchasing an additional 475,533 shares in the last quarter. Institutional investors and hedge funds own 13.40% of the company’s stock.

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.