Kingsoft Cloud (NASDAQ:KC) Stock Price Down 11.6% – Here’s Why

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) traded down 11.6% during mid-day trading on Thursday . The company traded as low as $17.06 and last traded at $16.77. 1,032,259 shares traded hands during trading, a decline of 72% from the average session volume of 3,723,178 shares. The stock had previously closed at $18.96.

Analysts Set New Price Targets

KC has been the subject of several research analyst reports. Nomura Securities raised Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price objective for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. Finally, UBS Group raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price target for the stock from $4.20 to $12.50 in a research note on Friday, December 6th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Kingsoft Cloud presently has a consensus rating of “Buy” and a consensus target price of $5.93.

Kingsoft Cloud Trading Down 13.0 %

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 firm has a market capitalization of $4.18 billion, a PE ratio of -13.76 and a beta of 2.30. The company’s 50-day simple moving average is $13.22 and its 200 day simple moving average is $7.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Kingsoft Cloud in the third quarter valued at about $47,000. Blue Trust Inc. grew its stake in shares of Kingsoft Cloud by 30.9% during the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after acquiring an additional 4,458 shares in the last quarter. Walleye Capital LLC bought a new position in shares of Kingsoft Cloud during the third quarter worth about $119,000. Marshall Wace LLP bought a new stake in Kingsoft Cloud during the fourth quarter valued at $119,000. Finally, Vise Technologies Inc. bought a new stake in Kingsoft Cloud in the fourth quarter valued at $125,000. 13.40% of the stock is currently owned by hedge funds and other 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.