Kingsoft Cloud (NASDAQ:KC) Shares Down 9.7% – What’s Next?

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price fell 9.7% during mid-day trading on Monday . The company traded as low as $9.16 and last traded at $9.22. 639,275 shares were traded during mid-day trading, a decline of 65% from the average session volume of 1,810,295 shares. The stock had previously closed at $10.21.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on KC shares. 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. UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price target for the company from $4.20 to $12.50 in a report on Friday, December 6th. Finally, Nomura Securities upgraded shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $5.93.

Kingsoft Cloud Stock Performance

The firm’s 50-day simple moving average is $7.83 and its two-hundred day simple moving average is $4.46. The company has a market cap of $2.33 billion, a PE ratio of -7.67 and a beta of 2.29. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

Institutional Investors Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC lifted its stake in shares of Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after buying an additional 255,795 shares in the last quarter. State Street Corp grew its position in shares of Kingsoft Cloud by 0.5% in the third 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. Walleye Capital LLC acquired a new stake in shares of Kingsoft Cloud in the third quarter valued at approximately $119,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Kingsoft Cloud during the 3rd quarter valued at about $326,000. Finally, GSA Capital Partners LLP grew its stake in shares of Kingsoft Cloud by 90.2% in the 3rd quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock valued at $507,000 after buying an additional 81,751 shares during the period. 13.40% of the stock is owned by institutional investors and hedge funds.

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.