Kingsoft Cloud (NASDAQ:KC) Stock Price Down 8.1% – Should You Sell?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares traded down 8.1% on Tuesday . The stock traded as low as $18.95 and last traded at $19.12. 1,850,303 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 3,578,383 shares. The stock had previously closed at $20.81.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on KC shares. UBS Group upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price target for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. Nomura Securities raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, Nomura raised shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price objective for the company from $2.30 to $6.70 in a research note on Friday, November 22nd. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $5.93.

Kingsoft Cloud Trading Up 4.3 %

The company has a market cap of $5.12 billion, a price-to-earnings ratio of -16.81 and a beta of 2.31. The firm has a fifty day moving average price of $12.17 and a 200 day moving average price of $6.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67.

Institutional Investors Weigh In On Kingsoft Cloud

A number of large investors have recently added to or reduced their stakes in the business. D. E. Shaw & Co. Inc. acquired a new stake in shares of Kingsoft Cloud in the 4th quarter valued at approximately $21,076,000. Voloridge Investment Management LLC bought a new stake in shares of Kingsoft Cloud during the fourth quarter worth about $16,345,000. Millennium Management LLC grew its holdings in shares of Kingsoft Cloud by 4,098.3% during the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company’s stock worth $9,389,000 after purchasing an additional 873,686 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Kingsoft Cloud by 69.8% in the fourth quarter. Renaissance Technologies LLC now owns 867,934 shares of the company’s stock valued at $9,105,000 after buying an additional 356,834 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Kingsoft Cloud by 628.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company’s stock valued at $8,464,000 after buying an additional 696,094 shares during the last quarter. Institutional investors own 13.40% of the company’s stock.

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.