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

Key Points

• Kingsoft Cloud (NASDAQ:KC) shares opened higher at $17.18 after closing at $16.06, and were last traded at $17.03 with a trading volume of 782,794 shares.
• Analyst ratings have improved for Kingsoft Cloud, with Bank of America and Deutsche Bank both issuing buy ratings, and the stock now has a consensus rating of "Buy" with an average target price of $17.27.
• Institutional investors have shown strong interest, with notable increases in holdings by firms like Millennium Management, which boosted its stake by over 4,000% in the last quarter.

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $16.06, but opened at $17.18. Kingsoft Cloud shares last traded at $17.03, with a volume of 782,794 shares trading hands.

Wall Street Analysts Forecast Growth

KC has been the topic of a number of recent research reports. Zacks Research raised shares of Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. Deutsche Bank Aktiengesellschaft began coverage on Kingsoft Cloud in a report on Tuesday, September 16th. They set a "buy" rating and a $21.00 target price on the stock. Bank of America raised Kingsoft Cloud from a "neutral" rating to a "buy" rating in a research note on Tuesday, September 9th. Finally, Wall Street Zen raised Kingsoft Cloud from a "sell" rating to a "hold" rating in a research report on Sunday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Kingsoft Cloud has an average rating of "Buy" and an average target price of $17.27.

Kingsoft Cloud Price Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $4.62 billion, a PE ratio of -14.48 and a beta of 2.18. The stock's 50 day simple moving average is $14.68 and its two-hundred day simple moving average is $13.91.

Institutional Investors Weigh In On Kingsoft Cloud

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC bought a new position in Kingsoft Cloud during the first quarter worth $176,000. Man Group plc bought a new stake in shares of Kingsoft Cloud during the 4th quarter valued at about $711,000. 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 purchasing an additional 3,300 shares during the period. Millennium Management LLC grew its stake in Kingsoft Cloud by 4,098.3% in the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company's stock worth $9,389,000 after purchasing an additional 873,686 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in Kingsoft Cloud by 596.3% in the first quarter. Cetera Investment Advisers now owns 91,662 shares of the company's stock worth $1,316,000 after acquiring an additional 78,498 shares in the last quarter. Institutional investors and hedge funds own 13.40% of the company's stock.

About Kingsoft Cloud

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.