Kingsoft Cloud (NASDAQ:KC) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of Kingsoft Cloud (NASDAQ:KC) from a neutral rating to a buy rating in a research report report published on Tuesday morning, MarketBeat.com reports.

A number of other equities analysts also recently commented on KC. Wall Street Zen upgraded shares of Kingsoft Cloud from a “sell” rating to a “hold” rating in a research report on Sunday, August 24th. Zacks Research upgraded shares of Kingsoft Cloud from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $15.40.

Kingsoft Cloud Price Performance

Kingsoft Cloud stock opened at $16.18 on Tuesday. The business has a 50 day simple moving average of $13.97 and a 200-day simple moving average of $13.95. Kingsoft Cloud has a 12 month low of $2.16 and a 12 month high of $22.26. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $4.52 billion, a PE ratio of -14.19 and a beta of 2.18.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Voloridge Investment Management LLC purchased a new position in shares of Kingsoft Cloud during the 4th quarter worth approximately $16,345,000. JPMorgan Chase & Co. boosted its holdings in shares of Kingsoft Cloud by 2,541.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,129,120 shares of the company’s stock valued at $14,137,000 after purchasing an additional 1,086,372 shares during the last quarter. Millennium Management LLC grew its position in Kingsoft Cloud by 4,098.3% during the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company’s stock valued at $9,389,000 after acquiring an additional 873,686 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Kingsoft Cloud during the 1st quarter worth about $10,573,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Kingsoft Cloud in the fourth quarter worth $6,378,000. 13.40% of the stock is owned by hedge funds and other institutional investors.

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.