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

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC) gapped up prior to trading on Monday. The stock had previously closed at $7.77, but opened at $8.12. Kingsoft Cloud shares last traded at $8.1950, with a volume of 201,313 shares trading hands.

Analysts Set New Price Targets

A number of analysts have commented on KC shares. Jefferies Financial Group restated a “buy” rating on shares of Kingsoft Cloud in a research note on Wednesday, August 19th. The Goldman Sachs Group set a $18.00 price objective on shares of Kingsoft Cloud in a report on Tuesday, September 1st. Zacks Research raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 13th. Morgan Stanley began coverage on shares of Kingsoft Cloud in a report on Tuesday, July 7th. They issued an “overweight” rating and a $15.00 target price on the stock. Finally, Bank of America reaffirmed a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.67.

Kingsoft Cloud Price Performance

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.39. The business’s 50-day moving average is $9.36 and its two-hundred day moving average is $11.97. The company has a market capitalization of $2.30 billion, a P/E ratio of -27.18 and a beta of 2.15.

Institutional Investors Weigh In On Kingsoft Cloud

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new stake in Kingsoft Cloud during the first quarter worth $9,456,000. Matthews International Capital Management LLC purchased a new position in Kingsoft Cloud in the first quarter worth $2,944,000. Baader Bank Aktiengesellschaft bought a new position in Kingsoft Cloud in the 1st quarter valued at $2,405,000. XY Capital Ltd grew its stake in 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 purchasing an additional 125,671 shares during the period. Finally, Bank of America Corp DE grew its stake in 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 purchasing an additional 79,910 shares during the period. Hedge funds and other institutional investors own 13.40% of the company’s stock.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited is a China-based cloud service provider that offers infrastructure and technology services to businesses, government organizations and other institutions. The company provides public cloud, enterprise cloud and industry-specific cloud solutions designed to support computing, data storage, networking and digital transformation.

Its product and service portfolio includes cloud computing infrastructure, content delivery and networking services, databases, storage, information security and related technical support.