Kingsoft Cloud (NASDAQ:KC) Trading Up 6.1% – Should You Buy?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares shot up 6.1% on Tuesday . The stock traded as high as $11.43 and last traded at $11.67. 727,597 shares changed hands during trading, a decline of 63% from the average session volume of 1,947,246 shares. The stock had previously closed at $11.00.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on KC. 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 lifted their target price for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. Finally, UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $4.20 to $12.50 in a report on Friday, December 6th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Up 13.1 %

The stock has a 50-day simple moving average of $9.34 and a two-hundred day simple moving average of $5.14. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The firm has a market cap of $3.37 billion, a PE ratio of -11.07 and a beta of 2.29.

Hedge Funds Weigh In On Kingsoft Cloud

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in shares of Kingsoft Cloud during the 3rd quarter worth about $47,000. Blue Trust Inc. grew its holdings in shares of Kingsoft Cloud by 30.9% in the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock worth $56,000 after purchasing an additional 4,458 shares during the last quarter. Walleye Capital LLC purchased a new stake in Kingsoft Cloud in the 3rd quarter valued at about $119,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Kingsoft Cloud by 12.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock worth $205,000 after acquiring an additional 2,200 shares during the period. Finally, XY Capital Ltd bought a new stake in shares of Kingsoft Cloud during the third quarter valued at approximately $214,000. 13.40% of the stock is currently owned by hedge funds and other 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.