Kingsoft Cloud (NASDAQ:KC) Shares Gap Up – What’s Next?

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up prior to trading on Friday . The stock had previously closed at $2.68, but opened at $2.87. Kingsoft Cloud shares last traded at $2.89, with a volume of 579,464 shares.

Wall Street Analysts Forecast Growth

Separately, Bank of America decreased 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 equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Kingsoft Cloud currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.10.

Kingsoft Cloud Stock Up 3.7 %

The stock has a market cap of $705.25 million, a P/E ratio of -2.46 and a beta of 2.00. 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 moving average is $2.64 and its 200-day moving average is $2.76.

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

Institutional Investors Weigh In On Kingsoft Cloud

A number of institutional investors and hedge funds have recently modified their holdings of KC. Blue Trust Inc. lifted its stake in Kingsoft Cloud by 30.9% during the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after buying an additional 4,458 shares in the last quarter. Profund Advisors LLC purchased a new stake in shares of Kingsoft Cloud in the 2nd quarter valued at approximately $27,000. Swedbank AB boosted its stake in Kingsoft Cloud by 5.5% in the 2nd quarter. Swedbank AB now owns 225,140 shares of the company’s stock worth $565,000 after purchasing an additional 11,800 shares during the period. SG Americas Securities LLC acquired a new position in Kingsoft Cloud in the 3rd quarter worth approximately $47,000. Finally, Renaissance Technologies LLC grew its position in Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after purchasing an additional 17,700 shares in the last quarter. 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.