Bank of America Upgrades Kingsoft Cloud (NASDAQ:KC) to Buy

Key Points

• Bank of America has upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating, reflecting increased confidence in the company's stock.
• The stock has a consensus rating of "buy" with an average price target of $15.40, as indicated by multiple analysts.
• Shares of Kingsoft Cloud have shown a 2.2% increase recently, with a current trading price of $14.12.

Bank of America upgraded shares of Kingsoft Cloud (NASDAQ:KC - Free Report) from a neutral rating to a buy rating in a report released on Tuesday, MarketBeat reports.

KC has been the topic of several other reports. Zacks Research raised Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. Wall Street Zen raised Kingsoft Cloud from a "sell" rating to a "hold" rating in a report on Sunday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $15.40.

Kingsoft Cloud Stock Down 2.9%

KC stock traded down $0.49 during midday trading on Tuesday, hitting $16.28. The company's stock had a trading volume of 1,845,027 shares, compared to its average volume of 2,193,804. The company has a market cap of $4.55 billion, a PE ratio of -14.28 and a beta of 2.18. Kingsoft Cloud has a 12 month low of $2.16 and a 12 month high of $22.26. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.34. The firm's 50-day moving average is $14.23 and its 200-day moving average is $13.90.

Hedge Funds Weigh In On Kingsoft Cloud

A number of institutional investors have recently bought and sold shares of the stock. Voloridge Investment Management LLC bought a new position in Kingsoft Cloud in the 4th quarter worth $16,345,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Kingsoft Cloud by 50.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,217,394 shares of the company's stock worth $17,482,000 after purchasing an additional 410,492 shares during the period. JPMorgan Chase & Co. raised its holdings in Kingsoft Cloud by 2,541.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,129,120 shares of the company's stock worth $14,137,000 after purchasing an additional 1,086,372 shares during the period. Millennium Management LLC raised its holdings in Kingsoft Cloud by 4,098.3% in the 4th quarter. Millennium Management LLC now owns 895,004 shares of the company's stock worth $9,389,000 after purchasing an additional 873,686 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in Kingsoft Cloud in the 1st quarter worth $10,573,000. 13.40% of the stock is owned by 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.