Kingsoft Cloud (NASDAQ:KC) Shares Gap Down to $3.19

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $3.19, but opened at $3.10. Kingsoft Cloud shares last traded at $3.11, with a volume of 137,078 shares changing hands.

Wall Street Analysts Forecast Growth

KC has been the topic of several research analyst reports. Citigroup raised Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $5.00 target price on the stock in a research note on Thursday, March 21st. Jefferies Financial Group boosted their price target on Kingsoft Cloud from $3.40 to $3.80 and gave the company a "buy" rating in a research note on Monday, March 25th. JPMorgan Chase & Co. raised Kingsoft Cloud from a "neutral" rating to an "overweight" rating in a research note on Monday, March 11th. Finally, CLSA raised Kingsoft Cloud from an "underperform" rating to an "outperform" rating and set a $4.40 price target for the company in a research note on Thursday, March 21st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Kingsoft Cloud presently has an average rating of "Moderate Buy" and a consensus target price of $4.55.

Kingsoft Cloud Price Performance

The company has a market capitalization of $809.26 million, a price-to-earnings ratio of -2.47 and a beta of 2.13. The business has a fifty day moving average price of $2.92 and a 200 day moving average price of $3.80.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of KC. Vanguard Group Inc. raised its stake in shares of Kingsoft Cloud by 2.1% in the third quarter. Vanguard Group Inc. now owns 3,776,286 shares of the company's stock valued at $7,515,000 after purchasing an additional 76,508 shares in the last quarter. BlackRock Inc. grew its position in Kingsoft Cloud by 35.9% in the first quarter. BlackRock Inc. now owns 3,483,442 shares of the company's stock valued at $21,147,000 after acquiring an additional 919,363 shares during the period. Alpha Square Group S LLC grew its position in Kingsoft Cloud by 1.6% in the second quarter. Alpha Square Group S LLC now owns 3,231,215 shares of the company's stock valued at $19,710,000 after acquiring an additional 50,000 shares during the period. Marshall Wace LLP grew its position in Kingsoft Cloud by 6.5% in the fourth quarter. Marshall Wace LLP now owns 2,626,952 shares of the company's stock valued at $10,061,000 after acquiring an additional 160,264 shares during the period. Finally, Renaissance Technologies LLC grew its position in Kingsoft Cloud by 16.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,080,200 shares of the company's stock valued at $7,967,000 after acquiring an additional 289,800 shares during the period. 13.40% of the stock is currently owned by institutional investors and hedge funds.

About Kingsoft Cloud

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations 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, storage, and delivery solutions.