Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $2.79

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up prior to trading on Friday . The stock had previously closed at $2.79, but opened at $2.91. Kingsoft Cloud shares last traded at $2.91, with a volume of 345,200 shares traded.

Wall Street Analyst Weigh In

Separately, Bank of America lowered their target price on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating on the stock in a research note 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. Based on data from MarketBeat.com, Kingsoft Cloud has an average rating of “Moderate Buy” and a consensus price target of $4.10.

Kingsoft Cloud Price Performance

The stock’s 50 day moving average price is $2.41 and its two-hundred day moving average price is $2.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $748.39 million, a price-to-earnings ratio of -2.61 and a beta of 1.98.

Kingsoft Cloud (NASDAQ:KC) last posted 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 company had revenue of $260.32 million during the quarter, compared to analyst estimates of $251.17 million. Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. On average, equities research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

Hedge funds and other institutional investors have recently modified their holdings of the stock. Profund Advisors LLC acquired a new stake in Kingsoft Cloud during the 2nd quarter valued at $27,000. Blue Trust Inc. bought a new position in shares of Kingsoft Cloud in the second quarter valued at about $36,000. Headlands Technologies LLC lifted its position in Kingsoft Cloud by 313.9% during the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after buying an additional 24,932 shares in the last quarter. Sei Investments Co. grew its holdings in Kingsoft Cloud by 33.6% during the 1st quarter. Sei Investments Co. now owns 139,988 shares of the company’s stock worth $426,000 after acquiring an additional 35,175 shares during the last quarter. Finally, Swedbank AB increased its position in Kingsoft Cloud by 5.5% in the 2nd quarter. Swedbank AB now owns 225,140 shares of the company’s stock valued at $565,000 after acquiring an additional 11,800 shares in the last quarter. 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.