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

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up before the market opened on Friday . The stock had previously closed at $12.65, but opened at $13.60. Kingsoft Cloud shares last traded at $14.06, with a volume of 865,676 shares.

Analysts Set New Price Targets

KC has been the subject of a number of research analyst reports. Nomura Securities cut Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. Nomura cut shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating in a research report on Monday, March 3rd.

Kingsoft Cloud Stock Performance

The firm has a fifty day simple moving average of $16.45 and a 200-day simple moving average of $10.22. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -11.53 and a beta of 2.23. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

Kingsoft Cloud (NASDAQ:KC) last issued its quarterly earnings results on Wednesday, March 19th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.06. The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.11 billion. Kingsoft Cloud had a negative return on equity of 19.13% and a negative net margin of 28.41%. The firm’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.08 earnings per share. Analysts forecast that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Kingsoft Cloud

Several institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Kingsoft Cloud during the fourth quarter worth $609,000. GTS Securities LLC acquired a new position in shares of Kingsoft Cloud during the 4th quarter worth about $325,000. Vise Technologies Inc. bought a new stake in shares of Kingsoft Cloud in the 4th quarter valued at about $125,000. Voloridge Investment Management LLC acquired a new stake in shares of Kingsoft Cloud in the 4th quarter valued at approximately $16,345,000. Finally, Vident Advisory LLC boosted its stake in Kingsoft Cloud by 158.9% during the 4th quarter. Vident Advisory LLC now owns 89,794 shares of the company’s stock worth $942,000 after acquiring an additional 55,113 shares during the last quarter. Institutional investors and hedge funds 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.