Kingsoft Cloud (NASDAQ:KC) Shares Gap Up - Time to Buy?

Key Points

• Kingsoft Cloud shares gapped up from $16.06 to $16.74 prior to trading, with a last traded price of $16.68.
• Bank of America upgraded Kingsoft Cloud to a "buy" rating, contributing to a positive consensus rating among analysts of "Buy" with a target price of $17.27.
• Institutional investors have significantly increased their stakes in Kingsoft Cloud, with JPMorgan Chase & Co. growing its holdings by 2,541.3% in the last quarter.

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $16.06, but opened at $16.74. Kingsoft Cloud shares last traded at $16.68, with a volume of 1,256,418 shares changing hands.

Analyst Ratings Changes

KC has been the subject of a number of research analyst reports. Bank of America raised Kingsoft Cloud from a "neutral" rating to a "buy" rating in a report on Tuesday, September 9th. Zacks Research raised Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. 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 objective for the company. Finally, Wall Street Zen upgraded Kingsoft Cloud from a "sell" rating to a "hold" rating in a research report on Sunday, August 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $17.27.

Kingsoft Cloud Trading Up 5.0%

The business has a 50 day moving average of $14.78 and a two-hundred day moving average of $13.89. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.34. The firm has a market cap of $4.72 billion, a P/E ratio of -14.79 and a beta of 2.18.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KC. JPMorgan Chase & Co. grew its holdings 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 worth $14,137,000 after purchasing an additional 1,086,372 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Kingsoft Cloud during the 1st quarter worth $10,573,000. Two Sigma Investments LP acquired a new stake in shares of Kingsoft Cloud during the 4th quarter worth $6,378,000. Penserra Capital Management LLC acquired a new stake in shares of Kingsoft Cloud during the 2nd quarter worth $5,955,000. Finally, LMR Partners LLP grew its holdings in shares of Kingsoft Cloud by 1,114.5% during 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. 13.40% of the stock is owned by institutional investors and hedge funds.

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.

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