Kingsoft Cloud (NASDAQ:KC) Trading Down 8.1% – What’s Next?

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price fell 8.1% during trading on Tuesday . The company traded as low as $18.95 and last traded at $19.12. 1,850,303 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 3,578,383 shares. The stock had previously closed at $20.81.

Wall Street Analyst Weigh In

Several analysts have issued reports on KC shares. UBS Group raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and increased their target price for the company from $4.20 to $12.50 in a research report on Friday, December 6th. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $2.30 to $6.70 in a research note on Friday, November 22nd. Finally, Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. One 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Stock Performance

The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of -15.83 and a beta of 2.31. The firm has a fifty day simple moving average of $11.97 and a 200 day simple moving average of $6.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67.

Hedge Funds Weigh In On Kingsoft Cloud

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. D. E. Shaw & Co. Inc. purchased a new position in shares of Kingsoft Cloud in the fourth quarter valued at approximately $21,076,000. Voloridge Investment Management LLC acquired a new position in Kingsoft Cloud in the 4th quarter valued at $16,345,000. Millennium Management LLC lifted its holdings in Kingsoft Cloud by 4,098.3% in the 4th quarter. Millennium Management LLC now owns 895,004 shares of the company’s stock valued at $9,389,000 after purchasing an additional 873,686 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Kingsoft Cloud by 628.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company’s stock worth $8,464,000 after purchasing an additional 696,094 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new stake in Kingsoft Cloud during the 4th quarter worth $6,378,000. 13.40% of the stock is 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.