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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $13.86, but opened at $14.21. Kingsoft Cloud shares last traded at $14.52, with a volume of 239,936 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently commented on KC. Nomura downgraded shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating in a research note on Monday, March 3rd. Nomura Securities cut shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 3rd. Finally, UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and upped their target price for the stock from $4.20 to $12.50 in a report on Friday, December 6th.

Kingsoft Cloud Stock Performance

The stock has a market capitalization of $3.65 billion, a PE ratio of -12.01 and a beta of 2.23. The business has a 50 day moving average price of $16.23 and a 200 day moving average price of $9.66. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67.

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

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Kingsoft Cloud by 12.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock valued at $205,000 after purchasing an additional 2,200 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of Kingsoft Cloud by 383.5% in the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after buying an additional 255,795 shares during the last quarter. Yeomans Consulting Group Inc. purchased a new stake in shares of Kingsoft Cloud during the 4th quarter valued at about $318,000. Quantbot Technologies LP bought a new position in shares of Kingsoft Cloud in the 4th quarter valued at about $226,000. Finally, State Street Corp raised 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 buying an additional 3,104 shares during the period. Hedge funds and other institutional investors 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.