Kingsoft Cloud (NASDAQ:KC) Stock Rating Upgraded by Zacks Research

Kingsoft Cloud (NASDAQ:KC) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Kingsoft Cloud in a research note 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. Bank of America reaffirmed a “buy” rating on shares of Kingsoft Cloud in a report on Wednesday, August 19th. Morgan Stanley started coverage on shares of Kingsoft Cloud in a report on Tuesday, July 7th. They set an “overweight” rating and a $15.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Kingsoft Cloud in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.67.

Kingsoft Cloud Trading Down 6.0%

Shares of Kingsoft Cloud stock opened at $8.76 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a 50-day moving average of $10.25 and a 200-day moving average of $11.85. Kingsoft Cloud has a 52-week low of $8.35 and a 52-week high of $18.52. The stock has a market cap of $2.65 billion, a PE ratio of -31.28 and a beta of 1.96.

Insider Buying and Selling at Kingsoft Cloud

In other news, CEO Tao Zou sold 300,000 shares of the company’s stock in a transaction on Friday, July 17th. The stock was sold at an average price of $0.64, for a total transaction of $192,000.00. Following the completion of the sale, the chief executive officer directly owned 1,700,000 shares in the company, valued at approximately $1,088,000. This represents a 15.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 14.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company bought a new stake in Kingsoft Cloud during the first quarter worth about $9,456,000. Matthews International Capital Management LLC bought a new position in Kingsoft Cloud in the 1st quarter valued at about $2,944,000. Baader Bank Aktiengesellschaft bought a new position in Kingsoft Cloud in the 1st quarter valued at about $2,405,000. XY Capital Ltd increased its holdings 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 buying an additional 125,671 shares during the period. Finally, Bank of America Corp DE increased its holdings 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 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 cloud service provider headquartered in China. The company delivers cloud infrastructure, platform services and industry-specific solutions to businesses, government organizations and other institutions. Its offerings are designed to support applications such as data processing, enterprise software, online services and digital transformation initiatives.

Kingsoft Cloud’s services include computing, storage, networking, databases, content delivery, cybersecurity, big data and artificial intelligence capabilities.