Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $3.12

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped up prior to trading on Thursday . The stock had previously closed at $3.12, but opened at $3.37. Kingsoft Cloud shares last traded at $3.49, with a volume of 322,139 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on KC. JPMorgan Chase & Co. raised shares of Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a research report on Monday, March 11th. CLSA raised Kingsoft Cloud from an “underperform” rating to an “outperform” rating and set a $4.40 price objective for the company in a report on Thursday, March 21st. Jefferies Financial Group boosted their target price on Kingsoft Cloud from $3.40 to $3.80 and gave the company a “buy” rating in a research note on Monday, March 25th. Finally, Citigroup upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $4.55.

Kingsoft Cloud Stock Performance

The business has a fifty day moving average of $3.01 and a 200-day moving average of $3.53.

Kingsoft Cloud (NASDAQ:KC) last posted its earnings results on Wednesday, March 20th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The firm had revenue of $242.60 million during the quarter, compared to analysts’ expectations of $240.44 million. Kingsoft Cloud had a negative return on equity of 27.14% and a negative net margin of 30.81%. As a group, analysts expect that Kingsoft Cloud Holdings Limited will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of Kingsoft Cloud

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Kingsoft Cloud by 50.3% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 15,325 shares of the company’s stock worth $58,000 after purchasing an additional 5,126 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Kingsoft Cloud during the 4th quarter worth $136,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Kingsoft Cloud in the third quarter worth $229,000. Russell Investments Group Ltd. increased its stake in Kingsoft Cloud by 35.6% in the fourth quarter. Russell Investments Group Ltd. now owns 60,595 shares of the company’s stock valued at $229,000 after acquiring an additional 15,913 shares during the last quarter. Finally, Rafferty Asset Management LLC purchased a new stake in Kingsoft Cloud during the third quarter valued at about $677,000. Hedge funds and other institutional investors own 13.40% of the company’s stock.

About Kingsoft Cloud

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations 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, storage, and delivery solutions.