Kingsoft Cloud (NASDAQ:KC) Stock Price Up 5.8% – Here’s Why

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) shot up 5.8% during trading on Tuesday . The company traded as high as $4.67 and last traded at $4.59. 895,066 shares traded hands during trading, a decline of 40% from the average session volume of 1,503,426 shares. The stock had previously closed at $4.34.

Analysts Set New Price Targets

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

Kingsoft Cloud Price Performance

The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -4.46 and a beta of 2.00. The company has a fifty day simple moving average of $3.11 and a 200 day simple moving average of $2.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.84 and a current ratio of 0.84.

Kingsoft Cloud (NASDAQ:KC) last announced its 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). Kingsoft Cloud had a negative net margin of 25.33% and a negative return on equity of 24.99%. The company had revenue of $260.32 million during the quarter, compared to the consensus estimate of $251.17 million. Equities research analysts forecast that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently bought and sold shares of KC. State Street Corp lifted its stake in shares of Kingsoft Cloud by 0.5% in the 3rd quarter. State Street Corp now owns 609,790 shares of the company’s stock valued at $1,793,000 after purchasing an additional 3,104 shares during the period. Renaissance Technologies LLC grew its position in shares of Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after buying an additional 17,700 shares during the period. Jane Street Group LLC increased its stake in shares of Kingsoft Cloud by 383.5% in the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after acquiring an additional 255,795 shares in the last quarter. Swedbank AB lifted its position in shares of Kingsoft Cloud by 5.5% during 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 during the period. Finally, GSA Capital Partners LLP boosted its stake 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 in the last quarter. Institutional investors and hedge funds own 13.40% of the company’s stock.

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.