Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Free Report)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $2.93, but opened at $3.08. Kingsoft Cloud shares last traded at $3.09, with a volume of 247,003 shares.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on KC. Citigroup upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Thursday, March 21st. JPMorgan Chase & Co. upgraded Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a report on Monday, March 11th. CLSA upgraded Kingsoft Cloud from an “underperform” rating to an “outperform” rating and set a $4.40 target price on the stock in a report on Thursday, March 21st. Finally, Jefferies Financial Group raised their target price on Kingsoft Cloud from $3.40 to $3.80 and gave the stock a “buy” rating in a report on Monday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $4.55.
Check Out Our Latest Report on Kingsoft Cloud
Kingsoft Cloud Trading Up 6.1 %
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its holdings in shares of Kingsoft Cloud by 98.6% in the third quarter. Rhumbline Advisers now owns 5,600 shares of the company’s stock valued at $28,000 after purchasing an additional 2,780 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Kingsoft Cloud by 220.6% in the first quarter. PNC Financial Services Group Inc. now owns 4,941 shares of the company’s stock valued at $30,000 after purchasing an additional 3,400 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Kingsoft Cloud by 310.2% in the third quarter. Tower Research Capital LLC TRC now owns 22,112 shares of the company’s stock valued at $44,000 after purchasing an additional 16,721 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Kingsoft Cloud by 101.6% in the second quarter. Royal Bank of Canada now owns 7,938 shares of the company’s stock valued at $48,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. bought a new stake in Kingsoft Cloud during the third quarter worth $53,000. 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 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, storage, and delivery solutions.
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