Kingsoft Cloud (NASDAQ:KC) Stock Price Down 8.7% – Should You Sell?

Shares of Kingsoft Cloud Holdings Limited Sponsored ADR (NASDAQ:KC) dropped 8.7% on Thursday. The stock traded as low as $7.73 and last traded at $7.7770. Approximately 323,766 shares were traded during mid-day trading, a decline of 77% from the average session volume of 1,427,260 shares. The stock had previously closed at $8.52.

Analysts Set New Price Targets

KC has been the subject of several recent analyst reports. Zacks Research upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kingsoft Cloud in a research report on Thursday, October 15th. The Goldman Sachs Group set a $18.00 price objective on Kingsoft Cloud in a report on Tuesday, September 1st. Bank of America reissued a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Kingsoft Cloud in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Kingsoft Cloud has a consensus rating of “Moderate Buy” and a consensus price target of $16.67.

Kingsoft Cloud Stock Down 7.1%

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.39. The company has a market cap of $2.39 billion, a PE ratio of -28.23 and a beta of 2.15. The company’s fifty day moving average is $9.11 and its 200-day moving average is $11.86.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently modified their holdings of KC. The Manufacturers Life Insurance Company purchased a new position in shares of Kingsoft Cloud in the 1st quarter worth $9,456,000. Baader Bank Aktiengesellschaft purchased a new stake in Kingsoft Cloud during the first quarter valued at $2,405,000. XY Capital Ltd increased its position in Kingsoft Cloud by 84.2% during the first quarter. XY Capital Ltd now owns 274,946 shares of the company’s stock valued at $3,673,000 after acquiring an additional 125,671 shares during the last quarter. Bank of America Corp DE increased its position in Kingsoft Cloud by 93.4% during the first 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. Finally, Headlands Technologies LLC bought a new position in Kingsoft Cloud in the second quarter valued at about $588,000. 13.40% of the stock is owned by institutional investors.

Kingsoft Cloud Company Profile

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.