Kingsoft Cloud (NASDAQ:KC) Stock Dropped to "Hold" by Zacks Research

Key Points

• Zacks Research downgraded Kingsoft Cloud from “strong buy” to “hold.” Despite the downgrade, the overall analyst consensus remains “Moderate Buy,” with a $16.67 average price target.
• Kingsoft Cloud shares were reported down 7.7%, opening at $7.86. The stock was near its 52-week low of $7.57, versus a high of $18.52.
• Institutional investors and hedge funds own 13.4% of the company’s stock; several funds recently increased their positions, including Bank of America, which raised its stake by 93.4% in the first quarter.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday, Zacks reports.

KC has been the subject of a number of other reports. Bank of America reiterated a "buy" rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Kingsoft Cloud in a research report on Thursday, October 15th. The Goldman Sachs Group set a $18.00 price target on shares of Kingsoft Cloud in a research report on Tuesday, September 1st. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Kingsoft Cloud in a research note on Wednesday, August 19th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Kingsoft Cloud presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.67.

Kingsoft Cloud Stock Down 7.7%

KC opened at $7.86 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $2.37 billion, a P/E ratio of -28.07 and a beta of 2.15. Kingsoft Cloud has a fifty-two week low of $7.57 and a fifty-two week high of $18.52. The stock has a fifty day moving average of $9.06 and a 200-day moving average of $11.83.

Institutional Trading of Kingsoft Cloud

A number of hedge funds have recently added to or reduced their stakes in KC. Cetera Investment Advisers lifted its stake in shares of Kingsoft Cloud by 11.7% in the 1st quarter. Cetera Investment Advisers now owns 33,049 shares of the company's stock valued at $442,000 after acquiring an additional 3,449 shares during the last quarter. Vise Technologies Inc. increased its holdings in Kingsoft Cloud by 25.3% in the 3rd quarter. Vise Technologies Inc. now owns 21,627 shares of the company's stock worth $197,000 after purchasing an additional 4,371 shares in the last quarter. Inspire Investing LLC increased its holdings in Kingsoft Cloud by 18.2% in the 3rd quarter. Inspire Investing LLC now owns 265,203 shares of the company's stock worth $2,419,000 after purchasing an additional 40,803 shares in the last quarter. Headlands Technologies LLC bought a new position in Kingsoft Cloud in the second quarter valued at about $588,000. Finally, Bank of America Corp DE raised its position in Kingsoft Cloud by 93.4% in the first quarter. Bank of America Corp DE now owns 165,504 shares of the company's stock valued at $2,211,000 after purchasing an additional 79,910 shares during the last quarter. Institutional investors and hedge funds own 13.40% of the company's stock.

About Kingsoft Cloud

Kingsoft Cloud Holdings Ltd. is a China-based cloud services provider founded in 2012. The company offers cloud infrastructure and related technology services to businesses and other organizations. Its services include computing, storage, networking, content delivery, databases, security and artificial intelligence capabilities. Kingsoft Cloud also provides industry-focused cloud solutions, including services for sectors such as healthcare, finance and public services. The company serves customers primarily in China and has developed cloud offerings for a range of business needs, from digital infrastructure to application development and deployment.

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