Kingsoft Cloud (NASDAQ:KC) Shares Up 15.5% After Analyst Upgrade

Key Points

• Kingsoft Cloud's stock experienced a significant increase of 15.5% after Bank of America upgraded its rating from neutral to buy, with the stock trading around $16.31.
• Several research analysts have recently revised their ratings for Kingsoft Cloud, resulting in a consensus rating of "Buy" with a price target of $15.40.
• Institutional investors have shown increased interest, with firms like D. E. Shaw & Co. and Millennium Management significantly acquiring new stakes in the company.

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report)'s stock price shot up 15.5% during mid-day trading on Tuesday after Bank of America upgraded the stock from a neutral rating to a buy rating. The company traded as high as $16.33 and last traded at $16.31. 2,995,960 shares traded hands during trading, an increase of 5% from the average session volume of 2,847,156 shares. The stock had previously closed at $14.12.

A number of other research analysts also recently issued reports on the company. Wall Street Zen upgraded Kingsoft Cloud from a "sell" rating to a "hold" rating in a report on Sunday, August 24th. Zacks Research upgraded Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $15.40.

Institutional Trading of Kingsoft Cloud

A number of hedge funds have recently made changes to their positions in the business. D. E. Shaw & Co. Inc. acquired a new stake in shares of Kingsoft Cloud in the fourth quarter valued at approximately $21,076,000. Voloridge Investment Management LLC acquired a new stake in shares of Kingsoft Cloud in the fourth quarter valued at approximately $16,345,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Kingsoft Cloud by 50.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,217,394 shares of the company's stock valued at $17,482,000 after buying an additional 410,492 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Kingsoft Cloud by 2,541.3% in the second quarter. JPMorgan Chase & Co. now owns 1,129,120 shares of the company's stock valued at $14,137,000 after buying an additional 1,086,372 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Kingsoft Cloud by 4,098.3% in the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company's stock valued at $9,389,000 after buying an additional 873,686 shares during the last quarter. 13.40% of the stock is owned by institutional investors and hedge funds.

Kingsoft Cloud Stock Performance

The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of -14.25 and a beta of 2.18. The stock has a 50-day moving average price of $13.89 and a 200-day moving average price of $13.93. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.96 and a quick ratio of 0.96.

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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