With the current price of $35.67, the stock of Kingsoft Cloud Holdings Limited (NASDAQ:KC) concluded the trading session seeing its price rise by 1.59 points or at a gain of 4.67% compared to its previous day’s closing price of $34.08. About 1.711 million shares of the stock changed hands on the day. The trading volume of KC’s shares during the past session compares with the stock’s average daily trading volume of 1.639 million shares. On the other hand, a float of 7.36 million shares and a weekly performance of 5.53% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $38.54 for KC’s share which suggests that the stock, price of which is currently buoying between $34.46 and $37.48, has a potential to gain 8.05%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $¥110.06 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Kingsoft Cloud Holdings Limited’s stock is trending downward as short interest in KC shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the KC is currently comprised of 38.45% of the float as the volume of shorted shares declined by -440591 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 2.39 million shares from the previous figure of 2.83 million shares. Stock’s average intraday volume is now standing at 994381 shares which indicate that the days to cover the shorts are nearly 2.403056.
Current indicators are pointing at 55.89 as 14-days RSI of Kingsoft Cloud Holdings Limited. This means that the KC is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 45.51%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $37.28 for the KC’s share while placing it at a 2nd resistance point of $38.89 to be settled at. But if the stock takes a plunge lower than the 1st support price of $34.26 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $32.85.
MACD oscillator is showing a reading of 0.5 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Goldman started covering the KC stock on June 29, recommending Buy rating for it while assigning the price target of $34. The stock gets a Overweight recommendation from analysts at JP Morgan who started covering the stock with a target price of $27 in their June 08 note to investors.
The average rating of 2.17 for KC is placing the stock in bullish category at the moment. In a poll by Reuters including 8 analysts in it who kept tracking the Kingsoft Cloud Holdings Limited, 1 rated the stock as hold. Others were in different opinions for the KC. Out of remaining 7 analysts, 7 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.