Kingsoft Cloud (NASDAQ:KC) Shares Gap Down - Here's What Happened

Key Points

• Kingsoft Cloud's shares gapped down from $16.77 to $16.09 before closing at $16.22, with a trading volume of over 1.2 million shares.
• Recent analyst upgrades include a shift from "strong sell" to "hold" by Zacks, and a "buy" rating from Deutsche Bank with a price target of $21.00.
• Institutional investors own 13.40% of Kingsoft Cloud's stock, with several firms recently increasing their stakes.

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $16.77, but opened at $16.09. Kingsoft Cloud shares last traded at $16.22, with a volume of 1,221,514 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have commented on KC shares. Zacks Research upgraded Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. Wall Street Zen upgraded Kingsoft Cloud from a "sell" rating to a "hold" rating in a research report on Sunday, August 24th. Deutsche Bank Aktiengesellschaft started coverage on Kingsoft Cloud in a research report on Tuesday, September 16th. They issued a "buy" rating and a $21.00 price target on the stock. Finally, Bank of America upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating in a research report on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $17.27.

Kingsoft Cloud Trading Down 4.2%

The firm has a fifty day simple moving average of $14.76 and a two-hundred day simple moving average of $13.88. The firm has a market capitalization of $4.49 billion, a P/E ratio of -14.12 and a beta of 2.18. 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 Investors Weigh In On Kingsoft Cloud

Several large investors have recently added to or reduced their stakes in KC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Kingsoft Cloud by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 332,906 shares of the company's stock worth $4,781,000 after purchasing an additional 1,710 shares in the last quarter. First Horizon Advisors Inc. purchased a new stake in Kingsoft Cloud in the 2nd quarter worth $27,000. Atria Investments Inc increased its stake in Kingsoft Cloud by 19.0% in the 2nd quarter. Atria Investments Inc now owns 17,447 shares of the company's stock worth $218,000 after buying an additional 2,785 shares in the last quarter. Two Sigma Advisers LP increased its stake in Kingsoft Cloud by 13.8% in the 4th quarter. Two Sigma Advisers LP now owns 27,200 shares of the company's stock worth $285,000 after buying an additional 3,300 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA purchased a new stake in Kingsoft Cloud in the 1st quarter worth $65,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.