Kingsoft Cloud (NASDAQ:KC) Reaches New 52-Week Low - Here's Why

Key Points

• Kingsoft Cloud shares fell to a new 52-week low of $8.23 during Thursday trading, well below its 50-day and 200-day moving averages of $9.91 and $11.68.
• Analyst sentiment remains mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $16.67, despite one “Sell” rating.
• Institutional investors and hedge funds have continued to adjust their positions, but they collectively own only 13.4% of the company.

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $8.23 and last traded at $8.1780, with a volume of 91,519 shares trading hands. The stock had previously closed at $8.57.

Analysts Set New Price Targets

KC has been the topic of a number of research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Kingsoft Cloud in a research note on Thursday, October 15th. Bank of America reaffirmed a "buy" rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Zacks Research raised shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Finally, The Goldman Sachs Group set a $18.00 target price on Kingsoft Cloud in a research note on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Kingsoft Cloud currently has a consensus rating of "Moderate Buy" and an average target price of $16.67.

Kingsoft Cloud Stock Performance

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.39. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of -29.16 and a beta of 1.96. The stock's 50 day moving average is $9.91 and its two-hundred day moving average is $11.68.

Hedge Funds Weigh In On Kingsoft Cloud

Institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new stake in Kingsoft Cloud in the 4th quarter valued at approximately $73,000. Cetera Investment Advisers boosted its holdings in Kingsoft Cloud by 11.7% during the first quarter. Cetera Investment Advisers now owns 33,049 shares of the company's stock worth $442,000 after buying an additional 3,449 shares in the last quarter. ABC Arbitrage SA acquired a new stake in shares of Kingsoft Cloud during the 1st quarter valued at approximately $442,000. Blue Trust Inc. boosted its stake in shares of Kingsoft Cloud by 39.2% during the 1st quarter. Blue Trust Inc. now owns 35,085 shares of the company's stock worth $469,000 after acquiring an additional 9,881 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Kingsoft Cloud in the 2nd quarter valued at approximately $588,000. 13.40% of the stock is owned by institutional investors and hedge funds.

About Kingsoft Cloud

Kingsoft Cloud Holdings Limited is a China-based cloud service provider that offers infrastructure and technology services to businesses, government organizations and other institutions. The company provides public cloud, enterprise cloud and industry-specific cloud solutions designed to support computing, data storage, networking and digital transformation.

Its product and service portfolio includes cloud computing infrastructure, content delivery and networking services, databases, storage, information security and related technical support.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.