Kingsoft Cloud (NASDAQ:KC) Stock Price Down 4.3% – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares were down 4.3% during mid-day trading on Monday . The company traded as low as $9.11 and last traded at $9.17. Approximately 623,827 shares changed hands during trading, a decline of 65% from the average daily volume of 1,769,872 shares. The stock had previously closed at $9.58.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Nomura Securities raised Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Nomura upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their target price for the stock from $2.30 to $6.70 in a report on Friday, November 22nd. Finally, UBS Group raised shares of 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 research report on Friday, December 6th. One investment 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $5.93.

Kingsoft Cloud Stock Performance

The firm has a fifty day moving average price of $5.77 and a 200 day moving average price of $3.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a market cap of $2.26 billion, a PE ratio of -7.43 and a beta of 2.49.

Institutional Trading of Kingsoft Cloud

Several large investors have recently bought and sold shares of KC. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Kingsoft Cloud in the third quarter valued at approximately $326,000. Blue Trust Inc. grew 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 acquiring an additional 4,458 shares during the period. SG Americas Securities LLC purchased a new position in Kingsoft Cloud during the third quarter valued at approximately $47,000. Headlands Technologies LLC raised its position in Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after acquiring an additional 24,932 shares in the last quarter. Finally, GSA Capital Partners LLP raised 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 acquiring an additional 81,751 shares during the period. Hedge funds and other institutional investors own 13.40% of the company’s stock.

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.