Kingsoft Cloud (NASDAQ:KC) Shares Down 4.5% - Here's What Happened

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 dropped 4.5% on Friday . The stock traded as low as $15.82 and last traded at $16.02. Approximately 493,206 shares were traded during trading, a decline of 83% from the average daily volume of 2,877,209 shares. The stock had previously closed at $16.77.

Analyst Ratings Changes

KC has been the topic of several research reports. Zacks Research upgraded Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 21st. Bank of America upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating in a research note on Tuesday, September 9th. Deutsche Bank Aktiengesellschaft initiated coverage on Kingsoft Cloud in a research note on Tuesday. They issued a "buy" rating and a $21.00 target price on the stock. Finally, Wall Street Zen upgraded Kingsoft Cloud from a "sell" rating to a "hold" rating in a research note on Sunday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $17.27.

Kingsoft Cloud Price Performance

The stock has a market cap of $4.68 billion, a price-to-earnings ratio of -14.67 and a beta of 2.18. The company has a 50-day simple moving average of $14.38 and a two-hundred day simple moving average of $13.89. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.96 and a current ratio of 0.96.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Kingsoft Cloud by 0.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 332,906 shares of the company's stock worth $4,781,000 after acquiring an additional 1,710 shares during the last quarter. First Horizon Advisors Inc. acquired a new position in shares of Kingsoft Cloud during the 2nd quarter worth approximately $27,000. Atria Investments Inc increased its holdings in shares of Kingsoft Cloud by 19.0% during the 2nd quarter. Atria Investments Inc now owns 17,447 shares of the company's stock worth $218,000 after acquiring an additional 2,785 shares during the last quarter. Two Sigma Advisers LP increased its holdings in shares of Kingsoft Cloud by 13.8% during the 4th quarter. Two Sigma Advisers LP now owns 27,200 shares of the company's stock worth $285,000 after acquiring an additional 3,300 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA acquired a new position in shares of Kingsoft Cloud during the 1st quarter worth approximately $65,000. 13.40% of the stock is owned by institutional investors and hedge funds.

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.