Kingsoft Cloud (NASDAQ:KC) Stock Price Down 5.1% – Here’s What Happened

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) fell 5.1% during mid-day trading on Friday . The stock traded as low as $12.52 and last traded at $12.61. 854,208 shares were traded during trading, a decline of 60% from the average session volume of 2,151,799 shares. The stock had previously closed at $13.28.

Analysts Set New Price Targets

KC has been the subject of several recent research reports. Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their target price for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their price objective for the company from $4.20 to $12.50 in a research report on Friday, December 6th. Finally, Nomura Securities upgraded shares of 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $5.93.

Kingsoft Cloud Trading Down 5.4 %

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 company has a 50-day simple moving average of $9.49 and a 200 day simple moving average of $5.19. The company has a market capitalization of $3.19 billion, a P/E ratio of -10.46 and a beta of 2.29.

Hedge Funds Weigh In On Kingsoft Cloud

Several large investors have recently made changes to their positions in the company. 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 during the last quarter. Renaissance Technologies LLC raised its holdings in shares of 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 acquiring an additional 17,700 shares during the period. Jane Street Group LLC lifted its position in Kingsoft Cloud by 383.5% in the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after acquiring an additional 255,795 shares in the last quarter. WT Asset Management Ltd acquired a new position in Kingsoft Cloud in the 4th quarter worth $2,613,000. Finally, GSA Capital Partners LLP increased its holdings 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 purchasing an additional 81,751 shares in the last quarter. Institutional investors and hedge funds 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.