Kingsoft Cloud (NASDAQ:KC) Shares Down 8.1% - Here's Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s share price was down 8.1% during mid-day trading on Tuesday . The stock traded as low as $18.95 and last traded at $19.12. Approximately 1,850,303 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 3,578,383 shares. The stock had previously closed at $20.81.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Nomura upgraded shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and upped their target price for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. UBS Group raised shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and upped their price objective for the company from $4.20 to $12.50 in a research report on Friday, December 6th. Finally, Nomura Securities raised Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $5.93.

Kingsoft Cloud Stock Performance

The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $12.61 and a 200 day simple moving average of $6.88. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of -17.23 and a beta of 2.31.

Institutional Trading of Kingsoft Cloud

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in Kingsoft Cloud during the third quarter worth $47,000. Blue Trust Inc. raised its stake in Kingsoft Cloud by 30.9% during the third quarter. Blue Trust Inc. now owns 18,888 shares of the company's stock worth $56,000 after acquiring an additional 4,458 shares in the last quarter. XY Capital Ltd acquired a new position in Kingsoft Cloud during the third quarter worth $214,000. GSA Capital Partners LLP raised its stake in Kingsoft Cloud by 90.2% during the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company's stock worth $507,000 after acquiring an additional 81,751 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Kingsoft Cloud during the third quarter worth $326,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

Kingsoft Cloud Company Profile

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.