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 $4.80, but opened at $4.55. Kingsoft Cloud shares last traded at $4.40, with a volume of 581,273 shares traded.

Analyst Ratings Changes

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 equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $4.10.

Kingsoft Cloud Stock Performance

The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.03. The company has a 50 day simple moving average of $2.87 and a 200-day simple moving average of $2.80. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -4.27 and a beta of 2.00.

Kingsoft Cloud (NASDAQ:KC) last issued its quarterly earnings data on Tuesday, August 20th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. The company had revenue of $260.32 million for the quarter, compared to the consensus estimate of $251.17 million. As a group, equities research analysts expect that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Several institutional investors have recently added to or reduced their stakes in the stock. Profund Advisors LLC purchased a new stake in Kingsoft Cloud in the 2nd quarter worth approximately $27,000. Blue Trust Inc. bought a new position in Kingsoft Cloud in the 2nd quarter worth about $36,000. SG Americas Securities LLC bought a new stake in shares of Kingsoft Cloud during the 3rd quarter valued at about $47,000. Headlands Technologies LLC increased its position in shares of Kingsoft Cloud by 313.9% in the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after purchasing an additional 24,932 shares during the last quarter. Finally, XY Capital Ltd bought a new position in shares of Kingsoft Cloud in the third quarter worth approximately $214,000. 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.