Kingsoft Cloud (NASDAQ:KC) Stock Price Down 4.3% – Here’s Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares fell 4.3% during mid-day trading on Monday . The stock traded as low as $9.11 and last traded at $9.17. 623,827 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 1,769,872 shares. The stock had previously closed at $9.58.

Wall Street Analysts Forecast Growth

KC has been the topic of a number of research reports. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price target for the company from $2.30 to $6.70 in a report on Friday, November 22nd. UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the company from $4.20 to $12.50 in a research note on Friday, December 6th. Finally, Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. One equities 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 stock. According to MarketBeat.com, Kingsoft Cloud presently has a consensus rating of “Buy” and a consensus target price of $5.93.

Kingsoft Cloud Trading Down 4.7 %

The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average price of $5.52 and a 200-day moving average price of $3.65. The company has a market cap of $2.32 billion, a P/E ratio of -7.61 and a beta of 2.49.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jane Street Group LLC lifted its stake in shares of Kingsoft Cloud by 383.5% during the 3rd 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 during the last quarter. State Street Corp lifted its position in Kingsoft Cloud by 0.5% during the third quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after acquiring an additional 3,104 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of Kingsoft Cloud during the third quarter worth approximately $119,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Kingsoft Cloud during the third quarter worth approximately $326,000. Finally, GSA Capital Partners LLP increased its stake in shares of Kingsoft Cloud by 90.2% during the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock worth $507,000 after purchasing an additional 81,751 shares during the period. 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.