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

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $10.72, but opened at $11.26. Kingsoft Cloud shares last traded at $11.55, with a volume of 445,798 shares traded.

Analysts Set New Price Targets

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

Kingsoft Cloud Stock Up 5.9 %

The stock has a fifty day moving average of $6.89 and a 200-day moving average of $4.10. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of -9.46 and a beta of 2.49. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

Institutional Trading of Kingsoft Cloud

Several hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp boosted its holdings in shares of Kingsoft Cloud by 0.5% during the third quarter. State Street Corp now owns 609,790 shares of the company's stock worth $1,793,000 after purchasing an additional 3,104 shares during the period. Renaissance Technologies LLC lifted its position in Kingsoft Cloud by 4.0% in the 2nd 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 in the last quarter. Jane Street Group LLC boosted its stake in shares of Kingsoft Cloud by 383.5% during the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company's stock valued at $948,000 after buying an additional 255,795 shares during the period. GSA Capital Partners LLP grew its holdings in shares of Kingsoft Cloud by 90.2% during the 3rd quarter. GSA Capital Partners LLP now owns 172,415 shares of the company's stock valued at $507,000 after acquiring an additional 81,751 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Kingsoft Cloud in the third quarter worth $326,000. 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.