Kingsoft Cloud (NASDAQ:KC) Sees Strong Trading Volume

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KCGet Free Report) saw an uptick in trading volume on Wednesday . 1,587,680 shares changed hands during mid-day trading, an increase of 19% from the previous session’s volume of 1,330,266 shares.The stock last traded at $3.65 and had previously closed at $3.22.

Analyst Upgrades and Downgrades

KC has been the topic of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a research note on Monday, March 11th. CLSA raised shares of Kingsoft Cloud from an “underperform” rating to an “outperform” rating and set a $4.40 price objective on the stock in a research note on Thursday. Finally, Citigroup upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4.80.

Get Our Latest Stock Report on KC

Kingsoft Cloud Stock Down 2.9 %

The stock has a fifty day moving average of $2.84 and a 200-day moving average of $3.95. The firm has a market capitalization of $920.89 million, a P/E ratio of -2.81 and a beta of 2.13.

Institutional Trading of Kingsoft Cloud

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers raised its position in shares of Kingsoft Cloud by 98.6% during the third quarter. Rhumbline Advisers now owns 5,600 shares of the company’s stock worth $28,000 after acquiring an additional 2,780 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Kingsoft Cloud by 220.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,941 shares of the company’s stock valued at $30,000 after purchasing an additional 3,400 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Kingsoft Cloud by 310.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 22,112 shares of the company’s stock worth $44,000 after buying an additional 16,721 shares during the period. Royal Bank of Canada raised its stake in shares of Kingsoft Cloud by 101.6% during the second quarter. Royal Bank of Canada now owns 7,938 shares of the company’s stock worth $48,000 after buying an additional 4,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in Kingsoft Cloud in the third quarter valued at approximately $53,000. Institutional investors and hedge funds own 17.68% of the company’s stock.

About Kingsoft Cloud

(Get Free Report)

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations 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, storage, and delivery solutions.

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