Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) shares dropped 6.2% during trading on Wednesday . The company traded as low as $17.13 and last traded at $16.97. Approximately 976,174 shares were traded during trading, a decline of 74% from the average daily volume of 3,780,907 shares. The stock had previously closed at $18.09.
Analyst Ratings Changes
Several analysts recently weighed in on KC shares. Nomura Securities downgraded shares of Kingsoft Cloud from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 3rd. UBS Group raised Kingsoft Cloud from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Finally, Nomura downgraded shares of Kingsoft Cloud from a "buy" rating to a "neutral" rating in a report on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $5.93.
Check Out Our Latest Stock Analysis on KC
Kingsoft Cloud Stock Up 2.2 %
The stock has a fifty day moving average of $14.69 and a 200-day moving average of $8.32. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of -14.23 and a beta of 2.23. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.
Hedge Funds Weigh In On Kingsoft Cloud
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KC. D. E. Shaw & Co. Inc. purchased a new position in Kingsoft Cloud during the fourth quarter valued at approximately $21,076,000. Voloridge Investment Management LLC purchased a new position in shares of Kingsoft Cloud during the 4th quarter valued at $16,345,000. Millennium Management LLC increased its stake in shares of Kingsoft Cloud by 4,098.3% in the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company's stock worth $9,389,000 after acquiring an additional 873,686 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Kingsoft Cloud by 628.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company's stock worth $8,464,000 after acquiring an additional 696,094 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in Kingsoft Cloud during the fourth quarter valued at $6,378,000. Institutional investors and hedge funds own 13.40% of the company's stock.
About Kingsoft Cloud
(
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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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