Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 110,808 shares of the company's stock, valued at approximately $326,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Profund Advisors LLC acquired a new position in Kingsoft Cloud during the second quarter worth $27,000. Blue Trust Inc. purchased a new position in Kingsoft Cloud in the 2nd quarter valued at about $36,000. SG Americas Securities LLC acquired a new stake in Kingsoft Cloud in the 3rd quarter worth about $47,000. Headlands Technologies LLC increased its stake in Kingsoft Cloud by 313.9% during the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company's stock worth $83,000 after buying an additional 24,932 shares in the last quarter. Finally, XY Capital Ltd acquired a new position in shares of Kingsoft Cloud during the third quarter valued at approximately $214,000. Hedge funds and other institutional investors own 13.40% of the company's stock.
Kingsoft Cloud Price Performance
NASDAQ:KC traded down $0.32 during midday trading on Friday, reaching $6.69. The company had a trading volume of 3,338,915 shares, compared to its average volume of 4,536,145. The stock's fifty day simple moving average is $3.86 and its 200-day simple moving average is $3.04. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10. Kingsoft Cloud Holdings Limited has a 12-month low of $2.02 and a 12-month high of $7.30.
Wall Street Analysts Forecast Growth
KC has been the topic of a number of recent research reports. Nomura Securities upgraded shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 22nd. Nomura upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating and upped their price target for the company from $2.30 to $6.70 in a research report on Friday, November 22nd. Finally, Bank of America lowered their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a "neutral" rating on the stock in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $4.62.
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Kingsoft Cloud Company Profile
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Free Report)
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.
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