Kingsoft Cloud (NASDAQ:KC) Shares Down 11.7% – What’s Next?

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) were down 11.7% on Tuesday . The stock traded as low as $5.81 and last traded at $6.14. Approximately 1,537,090 shares were traded during trading, a decline of 5% from the average daily volume of 1,622,129 shares. The stock had previously closed at $6.95.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Nomura Securities raised Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $2.30 to $6.70 in a report on Friday, November 22nd. Finally, Bank of America dropped their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $4.62.

Kingsoft Cloud Stock Performance

The stock has a 50-day simple moving average of $3.68 and a 200 day simple moving average of $2.99. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market capitalization of $1.78 billion, a PE ratio of -5.84 and a beta of 2.00.

Institutional Trading of Kingsoft Cloud

A number of institutional investors have recently bought and sold shares of the company. State Street Corp boosted its position in Kingsoft Cloud by 0.5% during the third quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after purchasing an additional 3,104 shares in the last quarter. Renaissance Technologies LLC boosted its position in Kingsoft Cloud by 4.0% during the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after purchasing an additional 17,700 shares in the last quarter. Jane Street Group LLC boosted its position 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 purchasing an additional 255,795 shares in the last quarter. Swedbank AB lifted its position in shares of Kingsoft Cloud by 5.5% in the second quarter. Swedbank AB now owns 225,140 shares of the company’s stock valued at $565,000 after acquiring an additional 11,800 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its position 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 valued at $507,000 after acquiring an additional 81,751 shares in the last quarter. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

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.