Kingsoft Cloud (NASDAQ:KC) Trading Up 6.4% – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price shot up 6.4% on Tuesday . The stock traded as high as $15.69 and last traded at $15.91. 2,137,454 shares were traded during mid-day trading, a decline of 43% from the average session volume of 3,773,210 shares. The stock had previously closed at $14.96.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on KC. Nomura cut shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating in a research note on Monday. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, 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. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $5.93.

Kingsoft Cloud Price Performance

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 stock has a market cap of $4.06 billion, a PE ratio of -13.35 and a beta of 2.31. The stock’s 50-day moving average is $13.63 and its two-hundred day moving average is $7.57.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. XY Capital Ltd acquired a new stake in shares of Kingsoft Cloud in the 3rd quarter valued at $214,000. GSA Capital Partners LLP raised its holdings in shares of Kingsoft Cloud by 90.2% in the 3rd quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock valued at $507,000 after purchasing an additional 81,751 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Kingsoft Cloud in the 3rd quarter valued at $326,000. Walleye Capital LLC acquired a new stake in shares of Kingsoft Cloud in the 3rd quarter valued at $119,000. Finally, State Street Corp raised its holdings 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. Hedge funds and other institutional investors 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.