Kingsoft Cloud (NASDAQ:KC) Shares Gap Up – Here’s Why

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC)’s share price gapped up before the market opened on Friday . The stock had previously closed at $9.38, but opened at $9.71. Kingsoft Cloud shares last traded at $9.8250, with a volume of 467,778 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. The Goldman Sachs Group set a $18.00 price objective on Kingsoft Cloud in a report on Tuesday, September 1st. Morgan Stanley started coverage on shares of Kingsoft Cloud in a research report on Tuesday, July 7th. They issued an “overweight” rating and a $15.00 price target on the stock. Bank of America reaffirmed a “buy” rating on shares of Kingsoft Cloud in a research note on Wednesday, August 19th. Jefferies Financial Group reissued a “buy” rating on shares of Kingsoft Cloud in a research note on Wednesday, August 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Kingsoft Cloud in a report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.67.

Kingsoft Cloud Stock Up 5.3%

The firm has a market capitalization of $2.98 billion, a PE ratio of -35.27 and a beta of 1.97. The company has a fifty day simple moving average of $10.65 and a two-hundred day simple moving average of $12.40. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.01 and a current ratio of 1.01.

Insiders Place Their Bets

In related news, CEO Tao Zou sold 300,000 shares of the company’s stock in a transaction dated Friday, July 17th. The shares were sold at an average price of $0.64, for a total value of $192,000.00. Following the completion of the sale, the chief executive officer directly owned 1,700,000 shares of the company’s stock, valued at $1,088,000. This represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 14.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kingsoft Cloud

A number of large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Kingsoft Cloud during the 4th quarter worth $73,000. Cetera Investment Advisers grew its stake in Kingsoft Cloud by 11.7% in the first quarter. Cetera Investment Advisers now owns 33,049 shares of the company’s stock valued at $442,000 after purchasing an additional 3,449 shares during the last quarter. ABC Arbitrage SA bought a new position in Kingsoft Cloud in the first quarter worth about $442,000. Blue Trust Inc. raised its holdings in Kingsoft Cloud by 39.2% in the first quarter. Blue Trust Inc. now owns 35,085 shares of the company’s stock worth $469,000 after purchasing an additional 9,881 shares in the last quarter. Finally, Fideuram Asset Management Ireland dac purchased a new stake in shares of Kingsoft Cloud during the fourth quarter valued at about $526,000. Institutional investors own 13.40% of the company’s stock.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited is a cloud service provider headquartered in China. The company offers public cloud, enterprise cloud and specialized cloud solutions designed to help organizations build, operate and scale digital applications and infrastructure.

Its products and services include cloud computing, cloud storage, content delivery networks, databases, big data and artificial intelligence services, as well as cloud-based security and network solutions. Kingsoft Cloud serves customers across industries such as internet services, financial services, healthcare, manufacturing and public-sector organizations.

Founded in 2012, Kingsoft Cloud has developed a network of data centers and cloud infrastructure serving customers primarily in China, with services also available in selected international markets.