Kingsoft Cloud (NASDAQ:KC) Cut to “Hold” at Zacks Research

Kingsoft Cloud (NASDAQ:KC) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks reports.

A number of other equities research analysts have also commented on the stock. The Goldman Sachs Group set a $18.00 price objective on shares of Kingsoft Cloud in a research note on Tuesday, September 1st. Bank of America reissued a “buy” rating on shares of Kingsoft Cloud in a research note on Wednesday, August 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Kingsoft Cloud in a report on Thursday, October 15th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.67.

Kingsoft Cloud Price Performance

Shares of KC opened at $7.86 on Wednesday. Kingsoft Cloud has a 1 year low of $7.57 and a 1 year high of $18.52. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -28.07 and a beta of 2.15. The business has a 50-day moving average of $9.06 and a 200-day moving average of $11.83.

Institutional Investors Weigh In On Kingsoft Cloud

Hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company acquired a new position in shares of Kingsoft Cloud during the first quarter worth approximately $9,456,000. Headlands Technologies LLC bought a new position in shares of Kingsoft Cloud in the 2nd quarter worth $588,000. XY Capital Ltd grew its position in Kingsoft Cloud by 84.2% in the 1st quarter. XY Capital Ltd now owns 274,946 shares of the company’s stock valued at $3,673,000 after purchasing an additional 125,671 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in Kingsoft Cloud in the 1st quarter valued at $2,405,000. Finally, Bank of America Corp DE grew its position in Kingsoft Cloud by 93.4% in the 1st quarter. Bank of America Corp DE now owns 165,504 shares of the company’s stock valued at $2,211,000 after purchasing an additional 79,910 shares during the period. Institutional investors own 13.40% of the company’s stock.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Ltd. is a China-based cloud services provider founded in 2012. The company offers cloud infrastructure and related technology services to businesses and other organizations. Its services include computing, storage, networking, content delivery, databases, security and artificial intelligence capabilities. Kingsoft Cloud also provides industry-focused cloud solutions, including services for sectors such as healthcare, finance and public services. The company serves customers primarily in China and has developed cloud offerings for a range of business needs, from digital infrastructure to application development and deployment.