Kingsoft Cloud (NASDAQ:KC) Reaches New 52-Week Low – Here’s Why

Shares of Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC) reached a new 52-week low on Friday. The stock traded as low as $7.46 and last traded at $7.4430, with a volume of 491,162 shares traded. The stock had previously closed at $7.86.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group set a $18.00 price target on Kingsoft Cloud in a report on Tuesday, September 1st. Weiss Ratings reissued 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 research report on Wednesday, August 19th. Zacks Research cut shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Bank of America reaffirmed a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Four 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.67.

Kingsoft Cloud Stock Down 4.4%

The business’s fifty day moving average price is $9.06 and its 200 day moving average price is $11.83. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -26.84 and a beta of 2.15. 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 Inflows and Outflows

A number of institutional investors have recently bought and sold shares of KC. The Manufacturers Life Insurance Company purchased a new stake in shares of Kingsoft Cloud in the first quarter valued at about $9,456,000. XY Capital Ltd grew its holdings in shares of Kingsoft Cloud by 84.2% during the first quarter. XY Capital Ltd now owns 274,946 shares of the company’s stock worth $3,673,000 after buying an additional 125,671 shares during the last quarter. Inspire Investing LLC increased its position in Kingsoft Cloud by 18.2% in the 3rd quarter. Inspire Investing LLC now owns 265,203 shares of the company’s stock valued at $2,419,000 after acquiring an additional 40,803 shares during the period. Baader Bank Aktiengesellschaft acquired a new position in Kingsoft Cloud in the 1st quarter valued at about $2,405,000. Finally, Bank of America Corp DE raised its stake in Kingsoft Cloud by 93.4% during the 1st 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. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.