Kingsoft Cloud (NASDAQ:KC) Sees Strong Trading Volume – Time to Buy?

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) saw unusually-high trading volume on Friday . Approximately 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.

Analysts Set New Price Targets

KC has been the topic of several analyst reports. Nomura upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their price target for the company from $2.30 to $6.70 in a research report on Friday, November 22nd. Bank of America decreased their price target on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research report on Wednesday, August 21st. Finally, Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $4.62.

Kingsoft Cloud Stock Performance

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 $3.86 and its two-hundred day moving average is $3.04. The company has a market capitalization of $1.70 billion, a P/E ratio of -5.58 and a beta of 2.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. State Street Corp increased its position in shares of Kingsoft Cloud by 0.5% in the third quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after purchasing an additional 3,104 shares during the last quarter. Renaissance Technologies LLC boosted its stake in 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 in the last quarter. Jane Street Group LLC boosted its stake in Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after buying an additional 255,795 shares in the last quarter. Swedbank AB boosted its stake in Kingsoft Cloud by 5.5% in the second quarter. Swedbank AB now owns 225,140 shares of the company’s stock worth $565,000 after buying an additional 11,800 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its stake in Kingsoft Cloud by 90.2% in the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock worth $507,000 after buying an additional 81,751 shares in the last quarter. 13.40% of the stock is currently owned by 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.