Kingsoft Cloud (NASDAQ:KC) Shares Up 6.5% – Here’s Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shot up 6.5% during trading on Thursday . The stock traded as high as $17.14 and last traded at $16.63. 1,441,312 shares traded hands during trading, a decline of 52% from the average session volume of 2,993,147 shares. The stock had previously closed at $15.61.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their price target for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Nomura Securities raised Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $2.30 to $6.70 in a research note on Friday, November 22nd. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Trading Down 2.6 %

The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of -14.12 and a beta of 2.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The business has a fifty day moving average price of $10.53 and a 200 day moving average price of $5.73.

Institutional Trading of Kingsoft Cloud

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp grew its position in Kingsoft Cloud by 0.5% in the third quarter. State Street Corp now owns 609,790 shares of the company’s stock valued at $1,793,000 after acquiring an additional 3,104 shares in the last quarter. Jane Street Group LLC grew its holdings in Kingsoft Cloud by 383.5% during the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after purchasing an additional 255,795 shares in the last quarter. WT Asset Management Ltd purchased a new stake in Kingsoft Cloud during the 4th quarter worth $2,613,000. GSA Capital Partners LLP lifted its holdings in Kingsoft Cloud by 90.2% in 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Kingsoft Cloud in the 3rd quarter valued at about $326,000. 13.40% of the stock is 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.