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

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 Upgrades and Downgrades

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

Kingsoft Cloud Trading Up 6.0%

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 company has a market capitalization of $2.80 billion, a P/E ratio of -33.02 and a beta of 1.96. The business has a fifty day moving average price of $10.49 and a 200 day moving average price of $11.99.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Kingsoft Cloud

Hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd bought a new position in Kingsoft Cloud in the fourth quarter valued at approximately $73,000. Cetera Investment Advisers increased its holdings in shares of Kingsoft Cloud by 11.7% during the 1st quarter. Cetera Investment Advisers now owns 33,049 shares of the company’s stock worth $442,000 after acquiring an additional 3,449 shares during the last quarter. ABC Arbitrage SA acquired a new position in shares of Kingsoft Cloud during the 1st quarter worth approximately $442,000. Blue Trust Inc. raised its stake in Kingsoft Cloud by 39.2% in the 1st quarter. Blue Trust Inc. now owns 35,085 shares of the company’s stock valued at $469,000 after acquiring an additional 9,881 shares during the period. Finally, Headlands Technologies LLC bought a new stake in Kingsoft Cloud in the 2nd quarter valued at $588,000. Institutional investors own 13.40% of the company’s stock.

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.