Kingsoft Cloud (NASDAQ:KC) Stock Price Down 11.6% - Here's What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) was down 11.6% during trading on Thursday . The stock traded as low as $17.06 and last traded at $16.77. Approximately 1,032,259 shares were traded during trading, a decline of 72% from the average daily volume of 3,723,178 shares. The stock had previously closed at $18.96.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on KC shares. Nomura downgraded shares of Kingsoft Cloud from a "buy" rating to a "neutral" rating in a report on Monday. Nomura Securities raised shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a report on Friday, November 22nd. Finally, UBS Group raised Kingsoft Cloud from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $4.20 to $12.50 in a research note on Friday, December 6th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $5.93.

Kingsoft Cloud Stock Down 8.5 %

The firm's fifty day simple moving average is $13.63 and its 200-day simple moving average is $7.57. The company has a market cap of $3.79 billion, a PE ratio of -12.46 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.

Hedge Funds Weigh In On Kingsoft Cloud

A number of institutional investors have recently made changes to their positions in the stock. Walleye Capital LLC purchased a new stake in shares of Kingsoft Cloud during the third quarter worth about $119,000. Marshall Wace LLP acquired a new stake in Kingsoft Cloud during the fourth quarter worth approximately $119,000. Vise Technologies Inc. purchased a new stake in Kingsoft Cloud in the 4th quarter worth approximately $125,000. Cetera Investment Advisers acquired a new position in Kingsoft Cloud in the 4th quarter valued at $138,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Kingsoft Cloud by 12.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company's stock worth $205,000 after purchasing an additional 2,200 shares during the period. 13.40% of the stock is owned by institutional investors and hedge funds.

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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.