Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $4.08

Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Rating) shares gapped up before the market opened on Wednesday . The stock had previously closed at $4.08, but opened at $4.42. Kingsoft Cloud shares last traded at $4.47, with a volume of 1,088,314 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on KC shares. China Renaissance downgraded Kingsoft Cloud from a “hold” rating to a “sell” rating in a research report on Monday, January 9th. JPMorgan Chase & Co. began coverage on Kingsoft Cloud in a research report on Monday. They set a “neutral” rating for the company.

Kingsoft Cloud Stock Up 12.4 %

The firm has a 50 day moving average of $4.58 and a 200 day moving average of $3.44. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -3.34 and a beta of 1.88.

Institutional Investors Weigh In On Kingsoft Cloud

Several large investors have recently added to or reduced their stakes in the business. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Kingsoft Cloud by 47.8% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 618,700 shares of the company’s stock valued at $2,370,000 after acquiring an additional 200,000 shares during the period. Squarepoint Ops LLC acquired a new stake in Kingsoft Cloud in the fourth quarter valued at approximately $104,000. Millennium Management LLC grew its stake in Kingsoft Cloud by 115.7% in the fourth quarter. Millennium Management LLC now owns 399,666 shares of the company’s stock valued at $1,531,000 after acquiring an additional 214,363 shares during the period. Morgan Stanley grew its stake in Kingsoft Cloud by 6.6% in the fourth quarter. Morgan Stanley now owns 242,130 shares of the company’s stock valued at $927,000 after acquiring an additional 15,066 shares during the period. Finally, Norges Bank acquired a new stake in Kingsoft Cloud in the fourth quarter valued at approximately $815,000. Institutional investors and hedge funds own 20.32% of the company’s stock.

Kingsoft Cloud Company Profile

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Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations in China. The company offers public cloud services to customers in various verticals, including game, video, AI, e-commerce, education, and mobile internet; and enterprise cloud services to customers in financial service, public service, and healthcare businesses.