Kingsoft Cloud (NASDAQ:KC) Shares Gap Down to $3.92

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $3.92, but opened at $3.58. Kingsoft Cloud shares last traded at $3.81, with a volume of 864,887 shares changing hands.

Wall Street Analyst Weigh In

Separately, Bank of America reduced their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4.10.

Kingsoft Cloud Stock Performance

The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03. The stock’s 50-day simple moving average is $2.46 and its 200-day simple moving average is $2.76. The stock has a market cap of $986.84 million, a price-to-earnings ratio of -3.23 and a beta of 1.98.

Kingsoft Cloud (NASDAQ:KC) last issued its quarterly earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share (EPS) 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 analyst estimates of $251.17 million. Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. Analysts forecast that Kingsoft Cloud Holdings Limited will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Kingsoft Cloud by 95.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company’s stock valued at $1,947,000 after purchasing an additional 312,132 shares during the last quarter. Renaissance Technologies LLC grew its position 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 last quarter. Swedbank AB raised its stake in Kingsoft Cloud by 5.5% during the second quarter. Swedbank AB now owns 225,140 shares of the company’s stock worth $565,000 after acquiring an additional 11,800 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Kingsoft Cloud by 33.6% in the first quarter. Sei Investments Co. now owns 139,988 shares of the company’s stock worth $426,000 after acquiring an additional 35,175 shares during the last quarter. Finally, Headlands Technologies LLC grew its stake in shares of Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after buying an additional 24,932 shares during the last quarter. 13.40% of the stock is owned by 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.