Kingsoft Cloud (NASDAQ:KC) Stock Price Down 5% – Here’s Why

Shares of Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC) traded down 5% during mid-day trading on Thursday . The stock traded as low as $11.25 and last traded at $11.2250. 1,183,246 shares changed hands during trading, a decline of 54% from the average session volume of 2,594,427 shares. The stock had previously closed at $11.82.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Zacks Research upgraded Kingsoft Cloud from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 21st. Bank of America upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kingsoft Cloud in a research note on Wednesday, October 8th. Wall Street Zen upgraded Kingsoft Cloud from a “sell” rating to a “hold” rating in a research note on Sunday, August 24th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Kingsoft Cloud in a report on Tuesday, September 16th. They set a “buy” rating and a $21.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.65.

Kingsoft Cloud Stock Performance

The business has a 50 day moving average of $12.62 and a 200-day moving average of $13.43. The company has a market capitalization of $3.38 billion, a P/E ratio of -21.54 and a beta of 2.01. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.93 and a current ratio of 0.93.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds have recently bought and sold shares of the company. Artisan Partners Limited Partnership purchased a new stake in shares of Kingsoft Cloud during the 3rd quarter valued at $51,504,000. JPMorgan Chase & Co. boosted its stake in Kingsoft Cloud by 2,541.3% in the second quarter. JPMorgan Chase & Co. now owns 1,129,120 shares of the company’s stock worth $14,137,000 after buying an additional 1,086,372 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Kingsoft Cloud during the first quarter valued at approximately $10,573,000. Penserra Capital Management LLC purchased a new position in shares of Kingsoft Cloud during the second quarter worth approximately $5,955,000. Finally, LMR Partners LLP lifted its holdings in shares of Kingsoft Cloud by 1,114.5% in the 2nd quarter. LMR Partners LLP now owns 518,200 shares of the company’s stock worth $6,488,000 after acquiring an additional 475,533 shares during 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.