Kingsoft Cloud (NASDAQ:KC) Sees Strong Trading Volume – Here’s Why

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) saw an uptick in trading volume on Friday . 1,031,633 shares changed hands during trading, a decline of 37% from the previous session’s volume of 1,645,623 shares.The stock last traded at $6.97 and had previously closed at $7.01.

Analyst Ratings Changes

KC has been the topic of a number of recent analyst reports. Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Nomura upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and lifted their price target for the company from $2.30 to $6.70 in a report on Friday, November 22nd. Finally, Bank of America decreased their price objective 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. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $4.62.

Kingsoft Cloud Stock Down 3.9 %

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 has a 50 day simple moving average of $3.77 and a 200-day simple moving average of $3.02. The firm has a market cap of $1.71 billion, a PE ratio of -5.84 and a beta of 2.00.

Hedge Funds Weigh In On Kingsoft Cloud

Hedge funds have recently added to or reduced their stakes in the company. Swedbank AB bought a new stake in shares of Kingsoft Cloud in the 1st quarter worth $649,000. Blue Trust Inc. bought a new position in Kingsoft Cloud during the 2nd quarter valued at about $36,000. Headlands Technologies LLC raised its holdings in shares of Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after purchasing an additional 24,932 shares during the last quarter. Renaissance Technologies LLC lifted its position in Kingsoft Cloud by 4.0% during the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock valued at $1,156,000 after purchasing an additional 17,700 shares during the period. Finally, Profund Advisors LLC purchased a new stake in Kingsoft Cloud in the second quarter worth approximately $27,000. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

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.