Kingsoft Cloud (NASDAQ:KC) Stock Price Down 4.9%

Kingsoft Cloud Holdings Limited (NASDAQ:KC) dropped 4.9% on Wednesday . The stock traded as low as $2.12 and last traded at $2.12. Approximately 735,408 shares traded hands during trading, a decline of 31% from the average daily volume of 1,067,313 shares. The stock had previously closed at $2.23.

Wall Street Analysts Forecast Growth

Separately, Bank of America lowered their target price on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Kingsoft Cloud has an average rating of “Moderate Buy” and an average target price of $4.10.

Kingsoft Cloud Price Performance

The firm has a 50 day moving average price of $2.51 and a 200 day moving average price of $2.82. The stock has a market capitalization of $530.20 million, a PE ratio of -1.81 and a beta of 1.98. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of KC. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Kingsoft Cloud by 95.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company’s stock worth $1,947,000 after buying an additional 312,132 shares in the last quarter. Swedbank AB bought a new position in shares of Kingsoft Cloud during the 1st quarter valued at about $649,000. Jump Financial LLC purchased a new position in shares of Kingsoft Cloud during the fourth quarter valued at about $136,000. Sei Investments Co. increased its holdings in shares of Kingsoft Cloud by 33.6% in the first quarter. Sei Investments Co. now owns 139,988 shares of the company’s stock worth $426,000 after purchasing an additional 35,175 shares during the last quarter. Finally, Headlands Technologies LLC lifted its position in shares of Kingsoft Cloud by 313.9% in the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after buying an additional 24,932 shares in the last quarter. Institutional investors own 13.40% of the company’s stock.

Kingsoft Cloud Company Profile

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.