Envestnet Asset Management Inc. Takes Position in Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC)

Key Points

• Envestnet Asset Management Inc. has acquired approximately 76,189 shares of Kingsoft Cloud Holdings Limited, valued at about $1,094,000 during Q1.
• Kingsoft Cloud has received multiple upgrades from analysts, with Nomura Securities increasing its rating to a "strong-buy" and setting a target price of $18.30.
• The company's stock has shown volatility, experiencing a 52-week range with lows of $2.02 and highs of $22.26, currently trading around $13.46.

Envestnet Asset Management Inc. acquired a new stake in Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 76,189 shares of the company's stock, valued at approximately $1,094,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in KC. D. E. Shaw & Co. Inc. bought a new stake in Kingsoft Cloud during the 4th quarter worth approximately $21,076,000. Voloridge Investment Management LLC bought a new stake in Kingsoft Cloud during the 4th quarter worth approximately $16,345,000. Millennium Management LLC increased its holdings in Kingsoft Cloud by 4,098.3% during the 4th quarter. Millennium Management LLC now owns 895,004 shares of the company's stock worth $9,389,000 after acquiring an additional 873,686 shares during the period. Two Sigma Investments LP bought a new position in shares of Kingsoft Cloud in the fourth quarter worth approximately $6,378,000. Finally, Jump Financial LLC purchased a new stake in Kingsoft Cloud in the fourth quarter valued at approximately $6,179,000. 13.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

KC has been the topic of a number of research analyst reports. Nomura raised shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 price target on the stock in a report on Monday, May 5th. Wall Street Zen raised 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 report on Monday, May 5th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $11.33.

Kingsoft Cloud Price Performance

KC traded up $0.08 during midday trading on Wednesday, hitting $14.15. The stock had a trading volume of 401,303 shares, compared to its average volume of 3,034,541. The company has a market cap of $3.96 billion, a P/E ratio of -12.84 and a beta of 2.10. The business has a fifty day moving average of $13.04 and a 200 day moving average of $14.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.73 and a current ratio of 0.73. Kingsoft Cloud Holdings Limited Sponsored ADR has a 1 year low of $2.02 and a 1 year high of $22.26.

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.