Kingsoft Cloud (NASDAQ:KC) Sees Strong Trading Volume

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KCGet Rating) saw strong trading volume on Friday . 2,380,760 shares were traded during trading, an increase of 11% from the previous session’s volume of 2,154,464 shares.The stock last traded at $5.27 and had previously closed at $5.24.

Analysts Set New Price Targets

Several analysts have weighed in on the company. China Renaissance cut Kingsoft Cloud from a “hold” rating to a “sell” rating in a report on Monday, January 9th. JPMorgan Chase & Co. assumed coverage on Kingsoft Cloud in a report on Monday, March 13th. They set a “neutral” rating for the company.

Kingsoft Cloud Stock Performance

The company has a 50-day moving average of $4.59 and a 200-day moving average of $3.45. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -3.22 and a beta of 1.88.

Hedge Funds Weigh In On Kingsoft Cloud

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Kingsoft Cloud by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 3,776,286 shares of the company’s stock valued at $7,515,000 after acquiring an additional 76,508 shares in the last quarter. BlackRock Inc. lifted its stake in Kingsoft Cloud by 35.9% in the 1st quarter. BlackRock Inc. now owns 3,483,442 shares of the company’s stock valued at $21,147,000 after acquiring an additional 919,363 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Kingsoft Cloud by 1.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,268,280 shares of the company’s stock valued at $6,503,000 after acquiring an additional 38,717 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Kingsoft Cloud by 55.9% in the 2nd quarter. Renaissance Technologies LLC now owns 2,905,400 shares of the company’s stock valued at $12,929,000 after acquiring an additional 1,042,300 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Kingsoft Cloud by 6.5% in the 4th quarter. Marshall Wace LLP now owns 2,626,952 shares of the company’s stock valued at $10,061,000 after acquiring an additional 160,264 shares in the last quarter. 20.32% of the stock is currently owned by institutional investors and hedge funds.

About Kingsoft Cloud

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Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations in China. The company offers public cloud services to customers in various verticals, including game, video, AI, e-commerce, education, and mobile internet; and enterprise cloud services to customers in financial service, public service, and healthcare businesses.

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