Kingsoft Cloud (NASDAQ:KC) Shares Down 6.1% - Here's What Happened

Key Points

• Kingsoft Cloud's shares fell by 6.1% during mid-day trading, closing at $14.32, down from a previous close of $15.25.
• Equities analysts have mixed views on the stock, with ratings ranging from a sell to a strong buy, resulting in an average rating of "Moderate Buy" and a target price of $11.33.
• Institutional investors have recently increased their holdings in Kingsoft Cloud, with notable new stakes acquired by several firms, indicating growing interest in the stock.

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report) shares traded down 6.1% during mid-day trading on Tuesday . The company traded as low as $14.15 and last traded at $14.32. 624,273 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 3,088,433 shares. The stock had previously closed at $15.25.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Kingsoft Cloud from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Nomura raised 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. Finally, Nomura Securities raised Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Kingsoft Cloud currently has an average rating of "Moderate Buy" and an average target price of $11.33.

Kingsoft Cloud Stock Performance

The firm has a fifty day simple moving average of $12.97 and a 200-day simple moving average of $14.00. The company has a market cap of $3.95 billion, a PE ratio of -12.85 and a beta of 2.10. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.37.

Institutional Investors Weigh In On Kingsoft Cloud

Hedge funds and other institutional investors have recently modified their holdings of the stock. Compagnie Lombard Odier SCmA acquired a new stake in shares of Kingsoft Cloud during the first quarter worth $65,000. Bayforest Capital Ltd acquired a new stake in Kingsoft Cloud in the 1st quarter worth about $78,000. Farther Finance Advisors LLC purchased a new stake in Kingsoft Cloud in the 2nd quarter valued at about $100,000. Atlas Capital Advisors Inc. acquired a new position in shares of Kingsoft Cloud during the 1st quarter valued at about $104,000. Finally, Marshall Wace LLP purchased a new position in shares of Kingsoft Cloud during the 4th quarter worth about $119,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.