Kingsoft Cloud (NASDAQ:KC) Trading Up 16.5% - Here's What Happened

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report)'s share price was up 16.5% during mid-day trading on Tuesday . The stock traded as high as $15.08 and last traded at $14.81. Approximately 2,756,739 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 2,904,471 shares. The stock had previously closed at $12.71.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on KC. Nomura Securities raised shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Wall Street Zen lowered shares of Kingsoft Cloud from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Finally, Nomura upgraded shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 target price on the stock in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $11.33.

Kingsoft Cloud Stock Up 7.2%

The company has a 50-day simple moving average of $12.76 and a two-hundred day simple moving average of $13.75. The stock has a market cap of $4.45 billion, a P/E ratio of -14.46 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

Several large investors have recently modified their holdings of KC. Farther Finance Advisors LLC acquired a new position in shares of Kingsoft Cloud during the second quarter valued at about $100,000. Bayforest Capital Ltd purchased a new stake in Kingsoft Cloud during the 1st quarter worth approximately $78,000. Goldman Sachs Group Inc. increased its stake in Kingsoft Cloud by 9.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 133,634 shares of the company's stock valued at $1,919,000 after purchasing an additional 11,720 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 worth $4,781,000 after buying an additional 1,710 shares during the last quarter. Finally, OLD Mission Capital LLC purchased a new position in shares of Kingsoft Cloud in the first quarter worth $3,034,000. Institutional investors own 13.40% of the company's stock.

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.