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

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Bank of America restated a “buy” rating on shares of Kingsoft Cloud in a report on Wednesday, August 19th. Jefferies Financial Group reiterated a “buy” rating on shares of Kingsoft Cloud in a research note on Wednesday, August 19th. Zacks Research raised shares of Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 13th. The Goldman Sachs Group set a $18.00 price objective on shares of Kingsoft Cloud in a research note on Tuesday, September 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Kingsoft Cloud in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Kingsoft Cloud presently has an average rating of “Moderate Buy” and a consensus target price of $16.67.

Kingsoft Cloud Stock Down 7.1%

The stock has a 50 day simple moving average of $9.11 and a 200-day simple moving average of $11.86. The firm has a market cap of $2.39 billion, a PE ratio of -28.23 and a beta of 2.15. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.01 and a quick ratio of 1.01.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds have recently bought and sold shares of the company. Vise Technologies Inc. raised its holdings in Kingsoft Cloud by 25.3% in the third quarter. Vise Technologies Inc. now owns 21,627 shares of the company’s stock worth $197,000 after buying an additional 4,371 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Kingsoft Cloud by 11.7% during the first quarter. Cetera Investment Advisers now owns 33,049 shares of the company’s stock valued at $442,000 after acquiring an additional 3,449 shares in the last quarter. ABC Arbitrage SA purchased a new position in Kingsoft Cloud in the 1st quarter worth approximately $442,000. Headlands Technologies LLC purchased a new position in Kingsoft Cloud in the 2nd quarter worth approximately $588,000. Finally, Bank of America Corp DE raised its holdings in 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 acquiring 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 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.