Kingsoft Cloud (NASDAQ:KC) Stock Price Down 9.7% - Here's What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) shares were down 9.7% on Monday . The company traded as low as $9.16 and last traded at $9.22. Approximately 639,275 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 1,810,295 shares. The stock had previously closed at $10.21.

Analysts Set New Price Targets

KC has been the subject of a number of research reports. Nomura Securities upgraded shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 22nd. UBS Group upgraded shares of 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 research report on Friday, December 6th. Finally, Nomura upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $5.93.

Kingsoft Cloud Trading Down 10.4 %

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 stock has a market cap of $2.32 billion, a P/E ratio of -7.63 and a beta of 2.29. The firm's 50-day simple moving average is $7.96 and its 200 day simple moving average is $4.51.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its holdings in Kingsoft Cloud by 0.5% during 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. Blue Trust Inc. boosted its holdings 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 buying an additional 4,458 shares in the last quarter. Profund Advisors LLC bought a new stake in Kingsoft Cloud during the second quarter worth approximately $27,000. SG Americas Securities LLC bought a new stake in Kingsoft Cloud during the third quarter worth approximately $47,000. Finally, Renaissance Technologies LLC boosted its holdings in Kingsoft Cloud by 4.0% during the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company's stock worth $1,156,000 after buying an additional 17,700 shares in the last quarter. 13.40% of the stock is currently owned by institutional investors.

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.