Kingsoft Cloud (NASDAQ:KC) Upgraded at Zacks Research

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

Several other research analysts have also recently commented on KC. Morgan Stanley began coverage on shares of Kingsoft Cloud in a report on Tuesday, July 7th. They issued an “overweight” rating and a $15.00 target price for the company. Bank of America reissued a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Kingsoft Cloud in a report on Friday, July 17th. Jefferies Financial Group restated a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Finally, The Goldman Sachs Group set a $18.00 price objective on shares of Kingsoft Cloud in a research note on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.67.

Kingsoft Cloud Trading Down 6.0%

Shares of KC opened at $8.76 on Tuesday. The business’s 50-day moving average price is $10.25 and its 200 day moving average price is $11.85. The stock has a market capitalization of $2.65 billion, a P/E ratio of -31.28 and a beta of 1.96. Kingsoft Cloud has a 1-year low of $8.35 and a 1-year high of $18.52. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.39.

Insider Buying and Selling at Kingsoft Cloud

In other news, CEO Tao Zou sold 300,000 shares of the stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $0.64, for a total value of $192,000.00. Following the completion of the sale, the chief executive officer directly owned 1,700,000 shares of the company’s stock, valued at $1,088,000. This represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 14.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KC. Caitong International Asset Management Co. Ltd acquired a new position in Kingsoft Cloud in the 4th quarter valued at approximately $73,000. Cetera Investment Advisers boosted its stake in shares of Kingsoft Cloud by 11.7% during the 1st quarter. Cetera Investment Advisers now owns 33,049 shares of the company’s stock valued at $442,000 after buying an additional 3,449 shares during the period. ABC Arbitrage SA purchased a new position in shares of Kingsoft Cloud during the 1st quarter valued at $442,000. Blue Trust Inc. grew its holdings in shares of Kingsoft Cloud by 39.2% during the 1st quarter. Blue Trust Inc. now owns 35,085 shares of the company’s stock valued at $469,000 after acquiring an additional 9,881 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Kingsoft Cloud during the 2nd quarter valued at $588,000. 13.40% of the stock is owned by hedge funds and other institutional investors.

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.