Kingsoft Cloud (NASDAQ:KC) Trading Up 15.5% Following 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.

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

A number of other analysts also recently issued reports on KC. Zacks Research upgraded shares of Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. Wall Street Zen upgraded shares of Kingsoft Cloud from a "sell" rating to a "hold" rating in a report on Sunday, August 24th. 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 stock. According to MarketBeat, Kingsoft Cloud currently has an average rating of "Buy" and an average price target of $15.40.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Kingsoft Cloud by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 332,906 shares of the company's stock valued at $4,781,000 after buying an additional 1,710 shares in the last quarter. First Horizon Advisors Inc. bought a new position in shares of Kingsoft Cloud in the second quarter valued at $27,000. Atria Investments Inc grew its stake in shares of Kingsoft Cloud by 19.0% in the second quarter. Atria Investments Inc now owns 17,447 shares of the company's stock valued at $218,000 after buying an additional 2,785 shares in the last quarter. Two Sigma Advisers LP grew its stake in shares of Kingsoft Cloud by 13.8% in the fourth quarter. Two Sigma Advisers LP now owns 27,200 shares of the company's stock valued at $285,000 after buying an additional 3,300 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA bought a new position in shares of Kingsoft Cloud in the first quarter valued at $65,000. 13.40% of the stock is owned by institutional investors.

Kingsoft Cloud Stock Down 2.9%

The company has a debt-to-equity ratio of 0.34, a current ratio of 0.96 and a quick ratio of 0.96. The firm's 50 day moving average is $14.23 and its two-hundred day moving average is $13.90. The firm has a market capitalization of $4.55 billion, a P/E ratio of -14.28 and a beta of 2.18.

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.