Kingsoft Cloud (NASDAQ:KC) Shares Up 6.1% – Time to Buy?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shot up 6.1% on Monday . The company traded as high as $18.29 and last traded at $18.36. 1,557,775 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 3,690,495 shares. The stock had previously closed at $17.31.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on KC. Nomura lowered shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating in a report on Monday, March 3rd. Nomura Securities lowered shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. Finally, UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Kingsoft Cloud currently has an average rating of “Moderate Buy” and a consensus price target of $5.93.

Kingsoft Cloud Stock Performance

The firm has a market capitalization of $4.62 billion, a PE ratio of -15.22 and a beta of 2.23. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10. The business’s 50 day simple moving average is $14.81 and its two-hundred day simple moving average is $8.50.

Institutional Investors Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GSA Capital Partners LLP boosted 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 during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Kingsoft Cloud in the 3rd quarter worth $326,000. Walleye Capital LLC bought a new position in Kingsoft Cloud in the 3rd quarter worth $119,000. State Street Corp boosted its holdings in shares of Kingsoft Cloud by 0.5% during 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. Finally, Jane Street Group LLC boosted its holdings in shares of 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 during the last quarter. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

Kingsoft Cloud Company Profile

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.