Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Free Report) shares reached a new 52-week low during trading on Thursday . The company traded as low as $2.12 and last traded at $2.15, with a volume of 93907 shares trading hands. The stock had previously closed at $2.15.
Wall Street Analysts Forecast Growth
Separately, Bank of America dropped their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.10.
Check Out Our Latest Analysis on Kingsoft Cloud
Kingsoft Cloud Stock Down 3.2 %
Hedge Funds Weigh In On Kingsoft Cloud
Several institutional investors and hedge funds have recently added to or reduced their stakes in KC. Russell Investments Group Ltd. grew its stake in shares of Kingsoft Cloud by 35.6% during the fourth quarter. Russell Investments Group Ltd. now owns 60,595 shares of the company’s stock worth $229,000 after acquiring an additional 15,913 shares during the last quarter. Jump Financial LLC acquired a new position in Kingsoft Cloud in the fourth quarter valued at approximately $136,000. Vanguard Personalized Indexing Management LLC grew its stake in shares of Kingsoft Cloud by 50.3% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 15,325 shares of the company’s stock worth $58,000 after purchasing an additional 5,126 shares during the period. Artisan Partners Limited Partnership lifted its stake in shares of Kingsoft Cloud by 3.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 625,022 shares of the company’s stock valued at $2,363,000 after purchasing an additional 20,084 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Kingsoft Cloud by 95.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company’s stock valued at $1,947,000 after buying an additional 312,132 shares in the last quarter. 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.
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