Kingsoft Cloud (NASDAQ:KC) Hits New 1-Year High - Time to Buy?

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $21.95 and last traded at $21.84, with a volume of 1204829 shares traded. The stock had previously closed at $19.33.

Analyst Ratings Changes

Several research firms have recently commented on KC. Nomura Securities raised Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a report on Friday, November 22nd. Nomura raised shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and boosted their target price for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. Finally, UBS Group raised Kingsoft Cloud from a "neutral" rating to a "buy" rating and lifted their price target 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $5.93.

Kingsoft Cloud Trading Up 2.5 %

The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of -17.23 and a beta of 2.31. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The firm's 50 day moving average is $12.61 and its 200 day moving average is $6.88.

Institutional Trading of Kingsoft Cloud

A number of hedge funds have recently bought and sold shares of the company. D. E. Shaw & Co. Inc. purchased a new stake in shares of Kingsoft Cloud in the fourth quarter valued at $21,076,000. Voloridge Investment Management LLC bought a new stake in Kingsoft Cloud in the fourth quarter worth approximately $16,345,000. Millennium Management LLC increased its position in Kingsoft Cloud by 4,098.3% during the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company's stock worth $9,389,000 after buying an additional 873,686 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Kingsoft Cloud by 69.8% during the 4th quarter. Renaissance Technologies LLC now owns 867,934 shares of the company's stock valued at $9,105,000 after acquiring an additional 356,834 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Kingsoft Cloud by 628.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company's stock valued at $8,464,000 after purchasing an additional 696,094 shares during the period. 13.40% of the stock is owned by hedge funds and other institutional investors.

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.