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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price 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 trading hands.

Analyst Upgrades and Downgrades

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 report on Wednesday, August 21st. One 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, the company has a consensus rating of “Moderate Buy” and an average target price of $4.10.

Kingsoft Cloud Stock Up 5.2 %

The company has a market cap of $715.39 million, a P/E ratio of -2.55 and a beta of 2.00. The stock’s 50-day moving average price is $2.64 and its 200-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 announced its quarterly earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate 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 forecast that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Kingsoft Cloud by 95.1% during the first 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 bought a new stake in shares of Kingsoft Cloud in the 1st quarter worth $649,000. Sei Investments Co. raised its holdings in shares of Kingsoft Cloud by 33.6% in the first quarter. Sei Investments Co. now owns 139,988 shares of the company’s stock valued at $426,000 after purchasing an additional 35,175 shares during the last quarter. Headlands Technologies LLC lifted its position in shares of Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after purchasing an additional 24,932 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Kingsoft Cloud by 4.0% during the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock valued at $1,156,000 after purchasing an additional 17,700 shares in 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.