Kingsoft Cloud (NASDAQ:KC) Shares Gap Up – Here’s What Happened

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up before the market opened on Friday . The stock had previously closed at $3.83, but opened at $4.09. Kingsoft Cloud shares last traded at $3.88, with a volume of 957,507 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Bank of America dropped their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.10.

Kingsoft Cloud Stock Performance

The business has a 50-day moving average of $2.49 and a two-hundred day moving average of $2.77. The company has a market cap of $981.76 million, a P/E ratio of -3.39 and a beta of 2.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.84 and a quick ratio of 0.84.

Kingsoft Cloud (NASDAQ:KC) last issued its quarterly earnings data on Tuesday, August 20th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $260.32 million for the quarter, compared to the consensus estimate of $251.17 million. Kingsoft Cloud had a negative net margin of 25.33% and a negative return on equity of 24.99%. On average, sell-side analysts predict that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Kingsoft Cloud

Several institutional investors have recently added to or reduced their stakes in KC. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Kingsoft Cloud by 95.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company’s stock worth $1,947,000 after purchasing an additional 312,132 shares during the period. Swedbank AB acquired a new stake in shares of Kingsoft Cloud during the first quarter worth about $649,000. Sei Investments Co. lifted its holdings in shares of Kingsoft Cloud by 33.6% during 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 period. Headlands Technologies LLC lifted its holdings in Kingsoft Cloud by 313.9% in the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after acquiring an additional 24,932 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Kingsoft Cloud by 4.0% in the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock valued at $1,156,000 after acquiring an additional 17,700 shares during the period. Institutional investors and hedge funds own 13.40% of the company’s stock.

About Kingsoft Cloud

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.