Kingsoft Cloud (NASDAQ:KC) Stock Price Up 12.7% – Here’s Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price traded up 12.7% during mid-day trading on Wednesday . The company traded as high as $6.85 and last traded at $6.73. 1,246,507 shares traded hands during trading, a decline of 24% from the average session volume of 1,633,872 shares. The stock had previously closed at $5.97.

Analysts Set New Price Targets

Several analysts have weighed in on KC shares. Bank of America cut their target price on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research note on Wednesday, August 21st. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $2.30 to $6.70 in a research note on Friday, November 22nd. Finally, Nomura Securities raised Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $4.62.

Kingsoft Cloud Stock Up 22.1 %

The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -5.60 and a beta of 2.00. The business’s 50-day moving average is $3.58 and its two-hundred day moving average is $2.97. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67.

Hedge Funds Weigh In On Kingsoft Cloud

Several large investors have recently modified their holdings of KC. Jane Street Group LLC grew its stake in Kingsoft Cloud by 383.5% during 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 in the last quarter. State Street Corp boosted its stake in shares of Kingsoft Cloud by 0.5% in the 3rd quarter. State Street Corp now owns 609,790 shares of the company’s stock valued at $1,793,000 after purchasing an additional 3,104 shares in the last quarter. Walleye Capital LLC acquired a new stake in Kingsoft Cloud during the 3rd quarter worth approximately $119,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Kingsoft Cloud during the 3rd quarter worth approximately $326,000. Finally, GSA Capital Partners LLP boosted its position in Kingsoft Cloud by 90.2% during the 3rd 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. 13.40% of the stock is owned by institutional investors.

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.