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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped up before the market opened on Wednesday . The stock had previously closed at $4.08, but opened at $4.29. Kingsoft Cloud shares last traded at $4.56, with a volume of 596,671 shares.

Analyst Upgrades and Downgrades

Separately, Bank of America lowered their target price on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.10.

Kingsoft Cloud Stock Up 4.5 %

The firm’s 50-day simple moving average is $2.96 and its two-hundred day simple moving average is $2.82. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -4.32 and a beta of 2.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.84 and a quick ratio of 0.84.

Kingsoft Cloud (NASDAQ:KC) last released its quarterly earnings results on Tuesday, August 20th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The business had revenue of $260.32 million during the quarter, compared to analyst estimates of $251.17 million. Kingsoft Cloud had a negative net margin of 25.33% and a negative return on equity of 24.99%. Sell-side analysts predict that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current fiscal year.

Institutional Trading of Kingsoft Cloud

Several large investors have recently modified their holdings of the business. Swedbank AB acquired a new stake in Kingsoft Cloud during the first quarter worth approximately $649,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Kingsoft Cloud during the third quarter worth approximately $326,000. GSA Capital Partners LLP boosted its position in Kingsoft Cloud by 90.2% during the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock worth $507,000 after acquiring an additional 81,751 shares during the last quarter. XY Capital Ltd acquired a new stake in Kingsoft Cloud during the third quarter worth approximately $214,000. Finally, Walleye Capital LLC acquired a new stake in Kingsoft Cloud during the third quarter worth approximately $119,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.