Kingsoft Cloud (NASDAQ:KC) Trading Up 3.9% – Time to Buy?

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) were up 3.9% on Thursday . The company traded as high as $9.67 and last traded at $9.62. Approximately 2,969,669 shares changed hands during trading, an increase of 71% from the average daily volume of 1,738,273 shares. The stock had previously closed at $9.26.

Analyst Ratings Changes

A number of research analysts have weighed in on KC shares. Bank of America reduced their price target on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research report on Wednesday, August 21st. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. UBS Group raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. Finally, Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Kingsoft Cloud has an average rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Down 4.9 %

The firm’s 50-day moving average price is $4.99 and its 200 day moving average price is $3.43. The firm has a market cap of $2.32 billion, a P/E ratio of -7.63 and a beta of 2.49. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10.

Hedge Funds Weigh In On Kingsoft Cloud

Several large investors have recently bought and sold shares of KC. State Street Corp boosted its holdings in shares of Kingsoft Cloud by 0.5% in the third quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after buying an additional 3,104 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Kingsoft Cloud by 4.0% in 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 period. Jane Street Group LLC boosted its holdings in shares of Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after buying an additional 255,795 shares during the period. Swedbank AB boosted its holdings in shares of Kingsoft Cloud by 5.5% in the second quarter. Swedbank AB now owns 225,140 shares of the company’s stock worth $565,000 after buying an additional 11,800 shares during the period. Finally, GSA Capital Partners LLP boosted its holdings in shares of Kingsoft Cloud by 90.2% in the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock worth $507,000 after buying an additional 81,751 shares during the period. Institutional investors and hedge funds own 13.40% of the company’s stock.

Kingsoft Cloud Company Profile

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.