Kingsoft Cloud (NASDAQ:KC) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) saw strong trading volume on Thursday . 1,579,669 shares were traded during trading, an increase of 1% from the previous session’s volume of 1,558,815 shares.The stock last traded at $5.83 and had previously closed at $6.53.

Analyst Upgrades and Downgrades

Separately, Bank of America cut 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. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.10.

Kingsoft Cloud Stock Performance

The stock’s 50-day simple moving average is $3.24 and its 200-day simple moving average is $2.88. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -4.84 and a beta of 2.00. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03.

Kingsoft Cloud (NASDAQ:KC) last announced its earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The business had revenue of $260.32 million for the quarter, compared to analyst estimates of $251.17 million. Kingsoft Cloud had a negative return on equity of 18.26% and a negative net margin of 28.41%. Analysts forecast that Kingsoft Cloud Holdings Limited will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Several institutional investors and hedge funds have recently added to or reduced their stakes in KC. Profund Advisors LLC bought a new position in shares of Kingsoft Cloud during the second quarter valued at $27,000. Blue Trust Inc. bought a new position in shares of Kingsoft Cloud during the second quarter valued at $36,000. SG Americas Securities LLC bought a new position in shares of Kingsoft Cloud during the third quarter valued at $47,000. Headlands Technologies LLC raised its stake in shares of Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after acquiring an additional 24,932 shares during the last quarter. Finally, Walleye Capital LLC bought a new position in Kingsoft Cloud during the third quarter worth $119,000. Institutional investors 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.