Kingsoft Cloud (NASDAQ:KC) Trading Up 15.5% After Analyst Upgrade

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC) shot up 15.5% during mid-day trading on Tuesday after Bank of America upgraded the stock from a neutral rating to a buy rating. The stock traded as high as $16.33 and last traded at $16.31. 2,995,960 shares changed hands during mid-day trading, an increase of 5% from the average session volume of 2,847,156 shares. The stock had previously closed at $14.12.

Several other analysts have also recently commented on the company. Zacks Research upgraded Kingsoft Cloud from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 21st. Wall Street Zen upgraded Kingsoft Cloud from a “sell” rating to a “hold” rating in a research report on Sunday, August 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Kingsoft Cloud presently has an average rating of “Buy” and an average price target of $15.40.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds have recently modified their holdings of the company. Voloridge Investment Management LLC acquired a new position in shares of Kingsoft Cloud in the 4th quarter worth $16,345,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Kingsoft Cloud by 50.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,217,394 shares of the company’s stock worth $17,482,000 after buying an additional 410,492 shares during the period. JPMorgan Chase & Co. boosted its position in Kingsoft Cloud by 2,541.3% during the second quarter. JPMorgan Chase & Co. now owns 1,129,120 shares of the company’s stock valued at $14,137,000 after purchasing an additional 1,086,372 shares during the last quarter. Millennium Management LLC boosted its position in Kingsoft Cloud by 4,098.3% during the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company’s stock valued at $9,389,000 after purchasing an additional 873,686 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in Kingsoft Cloud during the first quarter valued at $10,573,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

Kingsoft Cloud Trading Up 14.6%

The stock has a market cap of $4.52 billion, a price-to-earnings ratio of -14.19 and a beta of 2.18. 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 business has a 50-day moving average of $13.97 and a 200-day moving average of $13.95.

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.