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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $18.03, but opened at $19.02. Kingsoft Cloud shares last traded at $17.94, with a volume of 1,019,420 shares.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Nomura lowered Kingsoft Cloud from a “buy” rating to a “neutral” rating in a research report on Monday, March 3rd. Nomura Securities lowered Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. Finally, UBS Group raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their target price for the company from $4.20 to $12.50 in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Kingsoft Cloud presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.93.

Kingsoft Cloud Stock Up 1.9 %

The firm has a 50-day moving average price of $15.27 and a two-hundred day moving average price of $8.79. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $4.68 billion, a P/E ratio of -15.37 and a beta of 2.23.

Kingsoft Cloud (NASDAQ:KC) last posted its quarterly earnings results on Wednesday, March 19th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.06. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 19.13%. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the prior year, the business posted $0.08 earnings per share. The company’s quarterly revenue was up 29.6% compared to the same quarter last year. Equities research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Several large investors have recently bought and sold shares of the business. GSA Capital Partners LLP increased its holdings in Kingsoft Cloud by 90.2% during the 3rd quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock worth $507,000 after purchasing an additional 81,751 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Kingsoft Cloud in the third quarter valued at approximately $326,000. Walleye Capital LLC acquired a new stake in shares of Kingsoft Cloud in the third quarter valued at approximately $119,000. State Street Corp boosted its stake in shares of Kingsoft Cloud by 0.5% during the 3rd quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after acquiring an additional 3,104 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of Kingsoft Cloud by 383.5% during the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after acquiring an additional 255,795 shares during the last quarter. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.