Kingsoft Cloud (NASDAQ:KC) Trading Up 6.4% – What’s Next?

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $2.30 to $6.70 in a report on Friday, November 22nd. Nomura Securities upgraded shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, UBS Group raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $4.20 to $12.50 in a report on Friday, December 6th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $5.93.

Kingsoft Cloud Stock Up 3.4 %

The company has a 50-day moving average of $8.20 and a 200-day moving average of $4.59. 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 company has a market capitalization of $2.51 billion, a price-to-earnings ratio of -8.26 and a beta of 2.29.

Institutional Investors Weigh In On Kingsoft Cloud

A number of institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC increased its holdings in shares of Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock valued at $1,156,000 after purchasing an additional 17,700 shares in the last quarter. Profund Advisors LLC acquired a new stake in Kingsoft Cloud in the 2nd quarter worth about $27,000. SG Americas Securities LLC acquired a new stake in shares of Kingsoft Cloud in the third quarter worth approximately $47,000. Blue Trust Inc. lifted its holdings in Kingsoft Cloud by 30.9% in the 3rd quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after purchasing an additional 4,458 shares in the last quarter. Finally, XY Capital Ltd purchased a new stake in shares of Kingsoft Cloud during the third quarter worth $214,000. Institutional investors and hedge funds own 13.40% of the company’s stock.

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.