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

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $11.35, but opened at $11.01. Kingsoft Cloud shares last traded at $11.01, with a volume of 368,587 shares.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Nomura Securities upgraded shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 22nd. UBS Group raised Kingsoft Cloud from a "neutral" rating to a "buy" rating and increased their price target for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. Finally, Nomura upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating and upped their target price for the stock from $2.30 to $6.70 in a research note on Friday, November 22nd. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $5.93.

Kingsoft Cloud Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a fifty day simple moving average of $7.06 and a 200 day simple moving average of $4.19. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -8.93 and a beta of 2.29.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC lifted its position in shares of Kingsoft Cloud by 313.9% during the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company's stock worth $83,000 after buying an additional 24,932 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Kingsoft Cloud by 4.0% during the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company's stock worth $1,156,000 after buying an additional 17,700 shares during the last quarter. Profund Advisors LLC purchased a new stake in Kingsoft Cloud during the 2nd quarter valued at approximately $27,000. SG Americas Securities LLC acquired a new stake in shares of Kingsoft Cloud during the third quarter worth $47,000. Finally, Blue Trust Inc. increased its stake in shares of Kingsoft Cloud by 30.9% during the third quarter. Blue Trust Inc. now owns 18,888 shares of the company's stock worth $56,000 after acquiring an additional 4,458 shares during the period. Hedge funds and other institutional investors 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.