Kingsoft Cloud (NASDAQ:KC) Upgraded at Bank of America

Bank of America upgraded shares of Kingsoft Cloud (NASDAQ:KC) from a neutral rating to a buy rating in a research report sent to investors on Tuesday morning, MarketBeat.com reports.

KC has been the subject of several other research reports. Wall Street Zen raised shares of Kingsoft Cloud from a “sell” rating to a “hold” rating in a research note on Sunday, August 24th. Zacks Research raised Kingsoft Cloud from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $15.40.

Kingsoft Cloud Trading Up 5.6%

NASDAQ KC opened at $16.77 on Tuesday. The stock has a market cap of $4.69 billion, a PE ratio of -14.71 and a beta of 2.18. Kingsoft Cloud has a 12 month low of $2.16 and a 12 month high of $22.26. The company’s 50-day moving average price is $14.14 and its 200-day moving average price is $13.95. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.34.

Institutional Investors Weigh In On Kingsoft Cloud

A number of hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new position in Kingsoft Cloud in the fourth quarter valued at about $2,159,000. Cetera Investment Advisers purchased a new stake in shares of Kingsoft Cloud during the fourth quarter valued at about $138,000. Deutsche Bank AG boosted its holdings in shares of Kingsoft Cloud by 65.3% in the 4th quarter. Deutsche Bank AG now owns 221,384 shares of the company’s stock valued at $2,322,000 after buying an additional 87,440 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Kingsoft Cloud by 10.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 331,196 shares of the company’s stock valued at $3,474,000 after buying an additional 30,350 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Kingsoft Cloud by 4,098.3% in the 4th quarter. Millennium Management LLC now owns 895,004 shares of the company’s stock worth $9,389,000 after buying an additional 873,686 shares during the last quarter. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

About Kingsoft Cloud

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations primarily in China. The company's products portfolio includes cloud products, including infrastructure as a service (IaaS) infrastructure, platform as a service (PaaS) middleware, and software as a service (SaaS) applications that primarily consist of cloud computing, network, database, big data, security, storage, and delivery solutions.