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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price 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 traded.

Wall Street Analyst Weigh In

Separately, Bank of America cut their price target on shares of 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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 market cap of $1.18 billion, a PE ratio of -4.32 and a beta of 2.00. The stock’s 50 day simple moving average is $2.96 and its two-hundred day simple moving average is $2.82.

Kingsoft Cloud (NASDAQ:KC) last issued its earnings results 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 net margin of 25.33% and a negative return on equity of 24.99%. The business had revenue of $260.32 million during the quarter, compared to analysts’ expectations of $251.17 million. As a group, research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.69 earnings per share for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds have recently made changes to their positions in KC. Swedbank AB purchased a new position in shares of Kingsoft Cloud in the 1st quarter valued at $649,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Kingsoft Cloud in the 3rd quarter valued at $326,000. GSA Capital Partners LLP raised its stake in shares of Kingsoft Cloud by 90.2% in the 3rd quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock valued at $507,000 after acquiring an additional 81,751 shares during the period. XY Capital Ltd purchased a new position in shares of Kingsoft Cloud in the 3rd quarter valued at $214,000. Finally, Walleye Capital LLC acquired a new stake in Kingsoft Cloud during the 3rd quarter valued at $119,000. 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 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.