Kingsoft Cloud (NASDAQ:KC) Trading Down 4.5% - What's Next?

Key Points

• Kingsoft Cloud stock experienced a decline of 4.5%, closing at $16.02, with a significant drop in trading volume compared to average sessions.
• Analysts have upgraded the stock's rating, with Zacks and Wall Street Zen shifting it from "sell" to "hold," while Bank of America upgraded it to a "buy" rating, giving it a consensus rating of "Buy."
• Institutional investors are showing strong interest, with JPMorgan Chase increasing its holdings by more than 2,500% during the second quarter, indicating growing confidence in the company.

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report)'s stock price traded down 4.5% during trading on Friday . The company traded as low as $15.82 and last traded at $16.02. 493,206 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 2,877,209 shares. The stock had previously closed at $16.77.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Zacks Research raised shares of Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. Wall Street Zen raised shares of Kingsoft Cloud from a "sell" rating to a "hold" rating in a report on Sunday, August 24th. Finally, Bank of America raised shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $15.40.

Kingsoft Cloud Stock Down 3.4%

The stock has a market capitalization of $4.53 billion, a PE ratio of -14.25 and a beta of 2.18. The firm's fifty day moving average is $14.14 and its 200-day moving average is $13.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.34.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in KC. Voloridge Investment Management LLC purchased a new position in Kingsoft Cloud during the fourth quarter worth about $16,345,000. JPMorgan Chase & Co. increased its holdings in 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 in the last quarter. Millennium Management LLC increased its holdings in 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 in the last quarter. Russell Investments Group Ltd. purchased a new position in Kingsoft Cloud in the first quarter valued at about $10,573,000. Finally, Two Sigma Investments LP purchased a new position in Kingsoft Cloud in the fourth quarter valued at about $6,378,000. 13.40% of the stock is owned by hedge funds and other institutional investors.

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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