Kingsoft Cloud (NASDAQ:KC) Sees Unusually-High Trading Volume – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC) saw an uptick in trading volume on Friday . 1,031,633 shares were traded during trading, a decline of 37% from the previous session’s volume of 1,645,623 shares.The stock last traded at $6.97 and had previously closed at $7.01.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on KC shares. Bank of America dropped their target price on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research note on Wednesday, August 21st. Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Kingsoft Cloud currently has an average rating of “Buy” and a consensus price target of $4.62.

Kingsoft Cloud Stock Performance

The company has a market capitalization of $1.71 billion, a P/E ratio of -5.84 and a beta of 2.00. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average is $3.77 and its two-hundred day moving average is $3.02.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds and other institutional investors have recently modified their holdings of KC. Swedbank AB bought a new stake in shares of Kingsoft Cloud in the 1st quarter valued at about $649,000. Blue Trust Inc. purchased a new stake in shares of Kingsoft Cloud during the second quarter valued at approximately $36,000. Headlands Technologies LLC grew its holdings in shares of Kingsoft Cloud by 313.9% in the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after purchasing an additional 24,932 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Kingsoft Cloud by 4.0% in the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after buying an additional 17,700 shares during the period. Finally, Profund Advisors LLC bought a new stake in Kingsoft Cloud during the 2nd quarter valued at $27,000. 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.