Kingsoft Cloud (NASDAQ:KC) Reaches New 12-Month High – What’s Next?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares hit a new 52-week high on Thursday . The company traded as high as $21.95 and last traded at $21.84, with a volume of 1204829 shares trading hands. The stock had previously closed at $19.33.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Nomura upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $2.30 to $6.70 in a research note on Friday, November 22nd. Nomura Securities upgraded shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $4.20 to $12.50 in a research note on Friday, December 6th. One investment 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 stock. According to data from MarketBeat, Kingsoft Cloud currently has an average rating of “Buy” and an average target price of $5.93.

Kingsoft Cloud Stock Up 2.5 %

The firm’s 50-day moving average price is $12.61 and its 200 day moving average price is $6.88. The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of -17.23 and a beta of 2.31. 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

Several institutional investors and hedge funds have recently modified their holdings of KC. D. E. Shaw & Co. Inc. purchased a new position in Kingsoft Cloud during the fourth quarter worth approximately $21,076,000. Voloridge Investment Management LLC purchased a new position in Kingsoft Cloud during the fourth quarter worth approximately $16,345,000. Millennium Management LLC raised its stake in Kingsoft Cloud by 4,098.3% during the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company’s stock worth $9,389,000 after purchasing an additional 873,686 shares during the period. Renaissance Technologies LLC raised its stake in Kingsoft Cloud by 69.8% during the fourth quarter. Renaissance Technologies LLC now owns 867,934 shares of the company’s stock worth $9,105,000 after purchasing an additional 356,834 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Kingsoft Cloud by 628.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company’s stock worth $8,464,000 after acquiring an additional 696,094 shares in the last quarter. Hedge funds and other institutional investors 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.