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

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

A number of other equities research analysts have also weighed in on KC. The Goldman Sachs Group set a $18.00 target price on shares of Kingsoft Cloud in a report on Tuesday, September 1st. Jefferies Financial Group reaffirmed a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kingsoft Cloud in a report on Thursday, October 15th. Finally, Bank of America reissued a “buy” rating on shares of Kingsoft Cloud in a research note on Wednesday, August 19th. Four 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. According to data from MarketBeat.com, Kingsoft Cloud presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.67.

Kingsoft Cloud Stock Down 7.7%

Kingsoft Cloud stock opened at $7.86 on Wednesday. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -28.07 and a beta of 2.15. The firm’s fifty day moving average price is $9.06 and its two-hundred day moving average price is $11.83. Kingsoft Cloud has a 1-year low of $7.57 and a 1-year high of $18.52. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.39.

Institutional Investors Weigh In On Kingsoft Cloud

A number of institutional investors have recently added to or reduced their stakes in KC. Vise Technologies Inc. increased its stake in Kingsoft Cloud by 25.3% in the 3rd quarter. Vise Technologies Inc. now owns 21,627 shares of the company’s stock valued at $197,000 after buying an additional 4,371 shares during the last quarter. Cetera Investment Advisers boosted its stake in shares of Kingsoft Cloud by 11.7% in the 1st quarter. Cetera Investment Advisers now owns 33,049 shares of the company’s stock worth $442,000 after buying an additional 3,449 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Kingsoft Cloud in the 2nd quarter worth approximately $588,000. Bank of America Corp DE boosted its stake in shares of Kingsoft Cloud by 93.4% in the 1st 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 last quarter. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of Kingsoft Cloud in the first quarter valued at approximately $2,405,000. 13.40% of the stock is owned by institutional investors.

About Kingsoft Cloud

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.