Kingsoft Cloud (NASDAQ:KC) Stock Bumped Up to “Strong-Buy” by Zacks Research

Zacks Research upgraded shares of Kingsoft Cloud (NASDAQ:KC) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday,Zacks reports.

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

Kingsoft Cloud Trading Down 6.0%

Shares of KC stock opened at $8.76 on Tuesday. Kingsoft Cloud has a 1 year low of $8.35 and a 1 year high of $18.52. The firm has a market capitalization of $2.65 billion, a PE ratio of -31.28 and a beta of 1.96. The stock has a fifty day moving average of $10.25 and a two-hundred day moving average of $11.85. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.01 and a current ratio of 1.01.

Insiders Place Their Bets

In other Kingsoft Cloud news, CEO Tao Zou sold 300,000 shares of the stock in a transaction on Friday, July 17th. The stock was sold at an average price of $0.64, for a total transaction of $192,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,700,000 shares of the company’s stock, valued at approximately $1,088,000. This trade represents a 15.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 14.20% of the stock is owned by company insiders.

Institutional Trading of Kingsoft Cloud

Hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company acquired a new position in Kingsoft Cloud during the first quarter worth about $9,456,000. Matthews International Capital Management LLC bought a new position in shares of Kingsoft Cloud during the 1st quarter valued at about $2,944,000. Baader Bank Aktiengesellschaft bought a new position in shares of Kingsoft Cloud during the 1st quarter valued at about $2,405,000. XY Capital Ltd grew its stake in shares of Kingsoft Cloud by 84.2% in the 1st quarter. XY Capital Ltd now owns 274,946 shares of the company’s stock worth $3,673,000 after purchasing an additional 125,671 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Kingsoft Cloud by 93.4% in the 1st quarter. Bank of America Corp DE now owns 165,504 shares of the company’s stock worth $2,211,000 after purchasing an additional 79,910 shares during the last quarter. Institutional investors own 13.40% of the company’s stock.

About Kingsoft Cloud

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.