Kingsoft Cloud (NASDAQ:KC) Shares Down 6.2% - Here's Why

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) fell 6.2% during mid-day trading on Wednesday . The company traded as low as $17.13 and last traded at $16.97. 976,174 shares were traded during mid-day trading, a decline of 74% from the average session volume of 3,780,907 shares. The stock had previously closed at $18.09.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on KC. UBS Group upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating and raised their price target for the stock from $4.20 to $12.50 in a research note on Friday, December 6th. Nomura downgraded Kingsoft Cloud from a "buy" rating to a "neutral" rating in a research note on Monday, March 3rd. Finally, Nomura Securities downgraded Kingsoft Cloud from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 3rd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Kingsoft Cloud currently has a consensus rating of "Moderate Buy" and an average price target of $5.93.

Kingsoft Cloud Trading Up 3.4 %

The stock has a fifty day moving average of $14.81 and a 200 day moving average of $8.46. The company has a market capitalization of $4.39 billion, a P/E ratio of -14.43 and a beta of 2.23. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67.

Hedge Funds Weigh In On Kingsoft Cloud

Large investors have recently made changes to their positions in the business. GSA Capital Partners LLP lifted its position in shares of Kingsoft Cloud by 90.2% in the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company's stock worth $507,000 after buying an additional 81,751 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Kingsoft Cloud in the third quarter worth about $326,000. Walleye Capital LLC purchased a new stake in shares of Kingsoft Cloud in the third quarter worth about $119,000. State Street Corp lifted its position in shares of Kingsoft Cloud by 0.5% in the third quarter. State Street Corp now owns 609,790 shares of the company's stock worth $1,793,000 after buying an additional 3,104 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company's stock worth $948,000 after buying an additional 255,795 shares in the last quarter. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

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.