Kingsoft Cloud (NASDAQ:KC) Shares Up 5.5% – Here’s What Happened

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) shot up 5.5% during mid-day trading on Wednesday . The stock traded as high as $18.03 and last traded at $17.98. 1,486,472 shares were traded during mid-day trading, a decline of 55% from the average session volume of 3,280,117 shares. The stock had previously closed at $17.04.

Analyst Upgrades and Downgrades

KC has been the topic of several analyst reports. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their price objective for the company from $2.30 to $6.70 in a report on Friday, November 22nd. Finally, UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price 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 given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $5.93.

Kingsoft Cloud Trading Up 5.4 %

The company has a market capitalization of $4.55 billion, a P/E ratio of -14.82 and a beta of 2.31. The company has a 50-day simple moving average of $10.94 and a 200 day simple moving average of $5.99. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67.

Hedge Funds Weigh In On Kingsoft Cloud

Several large investors have recently bought and sold shares of the stock. Quantbot Technologies LP acquired a new position in Kingsoft Cloud in the 4th quarter valued at approximately $226,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Kingsoft Cloud by 628.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company’s stock valued at $8,464,000 after purchasing an additional 696,094 shares during the period. XY Capital Ltd increased its position in shares of Kingsoft Cloud by 19.1% during the fourth quarter. XY Capital Ltd now owns 86,567 shares of the company’s stock valued at $908,000 after purchasing an additional 13,909 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Kingsoft Cloud by 12.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock valued at $205,000 after purchasing an additional 2,200 shares in the last quarter. Finally, WT Asset Management Ltd bought a new position in Kingsoft Cloud in the fourth quarter worth $2,613,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.