Kingsoft Cloud (NASDAQ:KC) Downgraded by Zacks Research to “Hold”

Zacks Research cut shares of Kingsoft Cloud (NASDAQ:KC) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks reports.

A number of other analysts also recently weighed in on the stock. Bank of America restated a “buy” rating on shares of Kingsoft Cloud in a report on Wednesday, August 19th. The Goldman Sachs Group set a $18.00 target price on shares of Kingsoft Cloud in a research report on Tuesday, September 1st. Weiss Ratings reaffirmed 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 report on Wednesday, August 19th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.67.

Kingsoft Cloud Price Performance

Kingsoft Cloud stock opened at $7.86 on Wednesday. Kingsoft Cloud has a 52-week low of $7.57 and a 52-week high of $18.52. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.39. The firm’s fifty day moving average is $9.06 and its 200 day moving average is $11.83. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -28.07 and a beta of 2.15.

Hedge Funds Weigh In On Kingsoft Cloud

Large investors have recently modified their holdings of the stock. Vise Technologies Inc. lifted its position in Kingsoft Cloud by 25.3% in the third quarter. Vise Technologies Inc. now owns 21,627 shares of the company’s stock worth $197,000 after buying an additional 4,371 shares during the last quarter. Inspire Investing LLC boosted its stake in Kingsoft Cloud by 18.2% during the third quarter. Inspire Investing LLC now owns 265,203 shares of the company’s stock worth $2,419,000 after buying an additional 40,803 shares during the period. Headlands Technologies LLC purchased a new position in Kingsoft Cloud during the second quarter worth $588,000. Bank of America Corp DE increased its position in Kingsoft Cloud by 93.4% during the first quarter. Bank of America Corp DE now owns 165,504 shares of the company’s stock valued at $2,211,000 after acquiring an additional 79,910 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in Kingsoft Cloud during the first quarter valued at $9,456,000. Institutional investors own 13.40% of the company’s stock.

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.