Kingsoft Cloud (NASDAQ:KC) Trading Up 3.9% – Time to Buy?

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) shot up 3.9% during trading on Thursday . The stock traded as high as $9.67 and last traded at $9.62. 2,969,669 shares changed hands during trading, an increase of 71% from the average session volume of 1,738,273 shares. The stock had previously closed at $9.26.

Wall Street Analysts Forecast Growth

Several research firms recently commented on KC. Bank of America decreased their price target on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a report on Wednesday, August 21st. UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price target for the stock from $4.20 to $12.50 in a report on Friday, December 6th. Nomura Securities upgraded shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price objective for the company from $2.30 to $6.70 in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The stock’s 50 day simple moving average is $4.99 and its two-hundred day simple moving average is $3.43. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of -7.63 and a beta of 2.49.

Institutional Investors Weigh In On Kingsoft Cloud

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Kingsoft Cloud by 0.5% in the 3rd quarter. State Street Corp now owns 609,790 shares of the company’s stock valued at $1,793,000 after purchasing an additional 3,104 shares in the last quarter. Blue Trust Inc. raised 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 valued at $56,000 after buying an additional 4,458 shares during the last quarter. Profund Advisors LLC bought a new position in shares of Kingsoft Cloud in the second quarter valued at about $27,000. Swedbank AB raised its holdings in shares of Kingsoft Cloud by 5.5% in the second quarter. Swedbank AB now owns 225,140 shares of the company’s stock valued at $565,000 after buying an additional 11,800 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Kingsoft Cloud in the third quarter valued at about $47,000. Institutional investors and hedge funds own 13.40% of the company’s stock.

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.