Kingsoft Cloud (NASDAQ:KC) Upgraded by Nomura to Buy Rating

Kingsoft Cloud (NASDAQ:KC - Get Free Report) was upgraded by analysts at Nomura from a "neutral" rating to a "buy" rating in a research note issued on Friday, MarketBeat.com reports. The firm presently has a $6.70 target price on the stock, up from their prior target price of $2.30. Nomura's price objective indicates a potential downside of 7.07% from the company's current price.

Separately, Bank of America reduced 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 analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $4.62.

Kingsoft Cloud Price Performance

KC stock traded up $1.43 on Friday, reaching $7.21. The company had a trading volume of 7,690,181 shares, compared to its average volume of 1,610,971. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.84 and a current ratio of 0.84. Kingsoft Cloud has a 1 year low of $2.02 and a 1 year high of $7.24. The company's fifty day moving average is $3.31 and its 200 day moving average is $2.90. The company has a market cap of $1.83 billion, a P/E ratio of -5.22 and a beta of 2.00.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.04). The company had revenue of $260.32 million during the quarter, compared to analyst estimates of $251.17 million. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 18.26%. On average, research analysts forecast that Kingsoft Cloud will post -0.69 earnings per share for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently modified their holdings of KC. State Street Corp increased its position in 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 acquiring an additional 3,104 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Kingsoft Cloud by 4.0% during the second 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 during the period. Jane Street Group LLC raised its stake in shares of Kingsoft Cloud by 383.5% during the third 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 in the last quarter. Swedbank AB grew its position in Kingsoft Cloud by 5.5% in the 2nd quarter. Swedbank AB now owns 225,140 shares of the company's stock valued at $565,000 after buying an additional 11,800 shares in the last quarter. Finally, GSA Capital Partners LLP grew its position in 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 buying an additional 81,751 shares in the last quarter. Institutional investors and hedge funds 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.