Kingsoft Cloud (NASDAQ:KC) Hits New 52-Week Low – Here’s What Happened

Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC)’s share price hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $8.23 and last traded at $8.1780, with a volume of 91,519 shares traded. The stock had previously closed at $8.57.

Analyst Ratings Changes

A number of research firms recently commented on KC. Zacks Research raised Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. The Goldman Sachs Group set a $18.00 target price on Kingsoft Cloud in a research note on Tuesday, September 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Kingsoft Cloud in a report on Thursday, October 15th. Jefferies Financial Group restated a “buy” rating on shares of Kingsoft Cloud in a report on Wednesday, August 19th. Finally, Morgan Stanley began coverage on shares of Kingsoft Cloud in a report on Tuesday, July 7th. They issued an “overweight” rating and a $15.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.67.

Kingsoft Cloud Stock Performance

The firm has a market capitalization of $2.48 billion, a PE ratio of -29.16 and a beta of 1.96. 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 stock has a 50-day moving average price of $9.91 and a 200-day moving average price of $11.68.

Hedge Funds Weigh In On Kingsoft Cloud

A number of large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company acquired a new stake in shares of Kingsoft Cloud in the first quarter valued at approximately $9,456,000. Matthews International Capital Management LLC acquired a new stake in Kingsoft Cloud during the 1st quarter worth about $2,944,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Kingsoft Cloud in the first quarter worth about $2,405,000. XY Capital Ltd lifted its position in shares of 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 acquiring an additional 125,671 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Kingsoft Cloud by 93.4% in the first quarter. Bank of America Corp DE now owns 165,504 shares of the company’s stock worth $2,211,000 after buying 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 Limited is a China-based cloud service provider that offers infrastructure and technology services to businesses, government organizations and other institutions. The company provides public cloud, enterprise cloud and industry-specific cloud solutions designed to support computing, data storage, networking and digital transformation.

Its product and service portfolio includes cloud computing infrastructure, content delivery and networking services, databases, storage, information security and related technical support.