Kingsoft Cloud (NASDAQ:KC) Shares Down 11.4% - Here's Why

Key Points

• Kingsoft Cloud's shares dropped 11.4%, trading at $15.48 after a significant decline from the previous close of $17.47, with trading volume decreasing by 27% compared to the average.
• Several analysts have upgraded Kingsoft Cloud's stock, with Bank of America changing its rating to "buy", and the consensus rating now stands at "Buy" with an average target price of $17.27.
• Institutional investors have been actively investing, with recent purchases totaling around $104,000 by Atlas Capital Advisors, contributing to 13.40% of the stock's ownership.

Shares of Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report) dropped 11.4% during mid-day trading on Friday . The stock traded as low as $15.53 and last traded at $15.48. Approximately 2,090,657 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 2,860,079 shares. The stock had previously closed at $17.47.

Analysts Set New Price Targets

KC has been the subject of several recent research reports. Bank of America upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating in a research note on Tuesday, September 9th. Zacks Research upgraded shares of Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. Wall Street Zen upgraded shares of Kingsoft Cloud from a "sell" rating to a "hold" rating in a research report on Sunday, August 24th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Kingsoft Cloud in a research report on Tuesday, September 16th. They set a "buy" rating and a $21.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Kingsoft Cloud has a consensus rating of "Buy" and an average target price of $17.27.

Kingsoft Cloud Stock Down 10.4%

The firm has a market capitalization of $4.38 billion, a price-to-earnings ratio of -13.73 and a beta of 2.18. The stock has a fifty day moving average of $14.88 and a two-hundred day moving average of $13.92. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.96 and a quick ratio of 0.96.

Institutional Trading of Kingsoft Cloud

Institutional investors and hedge funds have recently bought and sold shares of the stock. First Horizon Advisors Inc. bought a new stake in Kingsoft Cloud during the second quarter valued at $27,000. Compagnie Lombard Odier SCmA bought a new stake in Kingsoft Cloud during the first quarter valued at $65,000. Bayforest Capital Ltd bought a new stake in Kingsoft Cloud during the first quarter valued at $78,000. Farther Finance Advisors LLC bought a new position in shares of Kingsoft Cloud during the 2nd quarter worth about $100,000. Finally, Atlas Capital Advisors Inc. bought a new position in shares of Kingsoft Cloud during the 1st quarter worth about $104,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.

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