Kingsoft Cloud (NASDAQ:KC) Shares Up 6.4% – Time to Buy?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares rose 6.4% during mid-day trading on Tuesday . The stock traded as high as $9.91 and last traded at $9.74. Approximately 233,513 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 1,854,173 shares. The stock had previously closed at $9.15.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. UBS Group raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price target for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. Finally, Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a 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 assigned a strong buy rating to the stock. According to data from MarketBeat, Kingsoft Cloud currently has a consensus rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Trading Up 3.4 %

The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -8.26 and a beta of 2.29. 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’s 50 day simple moving average is $8.20 and its 200 day simple moving average is $4.59.

Hedge Funds Weigh In On Kingsoft Cloud

Institutional investors and hedge funds have recently made changes to their positions in the stock. Profund Advisors LLC purchased a new position in Kingsoft Cloud in the second quarter valued at $27,000. SG Americas Securities LLC acquired a new position in shares of Kingsoft Cloud during the 3rd quarter worth about $47,000. Blue Trust Inc. boosted its position in shares of Kingsoft Cloud by 30.9% during the 3rd quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock worth $56,000 after acquiring an additional 4,458 shares in the last quarter. Walleye Capital LLC purchased a new position in shares of Kingsoft Cloud in the 3rd quarter valued at about $119,000. Finally, XY Capital Ltd acquired a new stake in shares of Kingsoft Cloud during the 3rd quarter worth about $214,000. 13.40% of the stock is owned by institutional investors and hedge funds.

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.