Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Should You Sell?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped down before the market opened on Tuesday . The stock had previously closed at $9.97, but opened at $9.55. Kingsoft Cloud shares last traded at $9.44, with a volume of 316,196 shares traded.

Wall Street Analysts Forecast Growth

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

Kingsoft Cloud Stock Performance

The company has a market capitalization of $2.44 billion, a P/E ratio of -8.02 and a beta of 2.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The stock’s 50 day moving average price is $8.53 and its 200 day moving average price is $4.77.

Institutional Trading of Kingsoft Cloud

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Profund Advisors LLC bought a new position in shares of Kingsoft Cloud during the second quarter valued at about $27,000. SG Americas Securities LLC purchased a new stake in Kingsoft Cloud in the 3rd quarter valued at about $47,000. Blue Trust Inc. boosted its stake in shares of Kingsoft Cloud by 30.9% in the 3rd quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock worth $56,000 after buying an additional 4,458 shares during the last quarter. Walleye Capital LLC bought a new position in shares of Kingsoft Cloud in the third quarter valued at approximately $119,000. Finally, XY Capital Ltd purchased a new stake in shares of Kingsoft Cloud during the third quarter valued at approximately $214,000. 13.40% of the stock is owned by institutional investors.

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.