Kingsoft Cloud (NASDAQ:KC) Shares Up 6.5% – What’s Next?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares shot up 6.5% during mid-day trading on Thursday . The company traded as high as $17.14 and last traded at $16.63. 1,441,312 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 2,993,147 shares. The stock had previously closed at $15.61.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on KC shares. UBS Group upgraded 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 note on Friday, December 6th. 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, Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $2.30 to $6.70 in a research report on Friday, November 22nd. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $5.93.

Kingsoft Cloud Price Performance

The stock has a market capitalization of $4.30 billion, a P/E ratio of -14.12 and a beta of 2.31. The company has a 50 day moving average of $10.53 and a 200-day moving average of $5.73. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10.

Hedge Funds Weigh In On Kingsoft Cloud

Large investors have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in shares of Kingsoft Cloud during the third quarter worth about $47,000. Blue Trust Inc. grew its position in Kingsoft Cloud by 30.9% in the 3rd quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock worth $56,000 after purchasing an additional 4,458 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased 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 during the period. Yeomans Consulting Group Inc. bought a new stake in shares of Kingsoft Cloud during the fourth quarter valued at approximately $318,000. Finally, Walleye Capital LLC acquired a new position in shares of Kingsoft Cloud during the third quarter worth approximately $119,000. Institutional investors own 13.40% of the company’s stock.

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.