ABC Arbitrage SA Makes New $1.29 Million Investment in Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC)

Key Points

• ABC Arbitrage SA has made a new investment in Kingsoft Cloud Holdings, acquiring 90,125 shares valued at approximately $1.29 million.
• Numerous institutional investors, including Man Group plc and Millennium Management LLC, have recently increased their stakes in Kingsoft Cloud, indicating growing interest among hedge funds.
• Analysts upgraded Kingsoft Cloud’s rating, with Nomura raising it to a strong buy and setting a new target price of $18.30, while the consensus rating is now classified as a Moderate Buy.

ABC Arbitrage SA acquired a new position in Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 90,125 shares of the company's stock, valued at approximately $1,294,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Man Group plc purchased a new stake in Kingsoft Cloud in the 4th quarter worth approximately $711,000. Invesco Ltd. lifted its stake in shares of Kingsoft Cloud by 8.4% in the 4th quarter. Invesco Ltd. now owns 62,855 shares of the company's stock valued at $659,000 after purchasing an additional 4,878 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Kingsoft Cloud by 13.8% in the 4th quarter. Two Sigma Advisers LP now owns 27,200 shares of the company's stock valued at $285,000 after purchasing an additional 3,300 shares during the period. Millennium Management LLC lifted its stake in shares of Kingsoft Cloud by 4,098.3% in the 4th quarter. Millennium Management LLC now owns 895,004 shares of the company's stock valued at $9,389,000 after purchasing an additional 873,686 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Kingsoft Cloud in the 4th quarter valued at approximately $119,000. Hedge funds and other institutional investors own 13.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Nomura upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 target price for the company in a research note on Monday, May 5th. Wall Street Zen upgraded Kingsoft Cloud from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Nomura Securities upgraded Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $11.33.

Kingsoft Cloud Stock Up 0.9%

Shares of NASDAQ:KC opened at $14.07 on Wednesday. The stock has a fifty day simple moving average of $13.04 and a two-hundred day simple moving average of $14.15. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of -12.79 and a beta of 2.10. Kingsoft Cloud Holdings Limited Sponsored ADR has a 12-month low of $2.02 and a 12-month high of $22.26. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.37.

Kingsoft Cloud 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.

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