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

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down prior to trading on Tuesday . The stock had previously closed at $14.05, but opened at $13.60. Kingsoft Cloud shares last traded at $13.43, with a volume of 433,104 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on KC. Nomura lowered Kingsoft Cloud from a “buy” rating to a “neutral” rating in a research report on Monday, March 3rd. Nomura Securities cut Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 3rd.

Kingsoft Cloud Trading Down 5.3 %

The business’s 50 day simple moving average is $16.40 and its 200 day simple moving average is $10.44. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -11.09 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 for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 19.13%. The business’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.08 EPS. Research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current year.

Institutional Investors Weigh In On Kingsoft Cloud

Several institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace LLP purchased a new stake in shares of Kingsoft Cloud during the fourth quarter worth about $119,000. Vise Technologies Inc. purchased a new stake in Kingsoft Cloud during the 4th quarter worth approximately $125,000. Cetera Investment Advisers acquired a new position in shares of Kingsoft Cloud in the 4th quarter valued at approximately $138,000. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 buying an additional 2,200 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Kingsoft Cloud during the fourth quarter worth approximately $226,000. Hedge funds and other institutional investors own 13.40% of the company’s stock.

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.