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

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 research report report published on Tuesday, MarketBeat reports.

Several other research analysts have also weighed in on the stock. Zacks Research raised shares of Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 21st. Wall Street Zen raised shares of Kingsoft Cloud from a "sell" rating to a "hold" rating in a research note on Sunday, August 24th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $15.40.

Kingsoft Cloud Trading Up 5.6%

KC stock traded up $0.89 during mid-day trading on Tuesday, hitting $16.77. 3,103,430 shares of the company were exchanged, compared to its average volume of 2,115,661. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $4.69 billion, a P/E ratio of -14.71 and a beta of 2.18. The business has a fifty day simple moving average of $14.14 and a 200-day simple moving average of $13.95. Kingsoft Cloud has a 12-month low of $2.16 and a 12-month high of $22.26.

Institutional Trading of Kingsoft Cloud

A number of institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Kingsoft Cloud by 0.5% in the 1st 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 during the period. First Horizon Advisors Inc. purchased a new stake in shares of Kingsoft Cloud during the second quarter worth approximately $27,000. Atria Investments Inc increased its stake in shares of Kingsoft Cloud by 19.0% during the second quarter. Atria Investments Inc now owns 17,447 shares of the company's stock worth $218,000 after buying an additional 2,785 shares during the period. Two Sigma Advisers LP increased its stake in shares of Kingsoft Cloud by 13.8% during the fourth quarter. Two Sigma Advisers LP now owns 27,200 shares of the company's stock worth $285,000 after buying an additional 3,300 shares during the period. Finally, Compagnie Lombard Odier SCmA purchased a new stake in shares of Kingsoft Cloud during the first quarter worth approximately $65,000. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

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.