Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Should You Sell?

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down before the market opened on Tuesday . The stock had previously closed at $2.94, but opened at $2.81. Kingsoft Cloud shares last traded at $2.79, with a volume of 459,076 shares.

Wall Street Analyst Weigh In

Separately, Bank of America lowered their target price on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a research note 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $4.10.

Kingsoft Cloud Stock Up 0.7 %

The company has a market capitalization of $697.64 million, a P/E ratio of -2.43 and a beta of 2.00. The firm’s 50 day moving average price is $2.63 and its two-hundred day moving average price is $2.77. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03.

Kingsoft Cloud (NASDAQ:KC) last issued its quarterly earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The business had revenue of $260.32 million for 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%. Equities research analysts forecast that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds have recently made changes to their positions in KC. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 buying an additional 312,132 shares during the last quarter. Swedbank AB acquired a new stake in shares of Kingsoft Cloud in the 1st quarter valued at approximately $649,000. Headlands Technologies LLC boosted its holdings in shares of Kingsoft Cloud by 313.9% in the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after buying an additional 24,932 shares during the last quarter. Blue Trust Inc. acquired a new stake in shares of Kingsoft Cloud in the 2nd quarter valued at approximately $36,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Kingsoft Cloud by 4.0% in the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock valued at $1,156,000 after buying an additional 17,700 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.