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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up prior to trading 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.

Analyst Upgrades and Downgrades

Separately, Bank of America lowered their target price 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4.10.

Kingsoft Cloud Stock Up 9.3 %

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 50 day simple moving average of $2.91 and a two-hundred day simple moving average of $2.80.

Kingsoft Cloud (NASDAQ:KC) last issued its earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $260.32 million for the quarter, compared to the consensus estimate 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, sell-side analysts expect that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current fiscal year.

Institutional Trading of Kingsoft Cloud

Hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Kingsoft Cloud in the 3rd quarter worth about $326,000. GSA Capital Partners LLP raised its position in Kingsoft Cloud by 90.2% during the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock valued at $507,000 after purchasing an additional 81,751 shares during the period. XY Capital Ltd bought a new stake in shares of Kingsoft Cloud in the 3rd quarter valued at approximately $214,000. Blue Trust Inc. lifted its stake in shares of Kingsoft Cloud by 30.9% in the 3rd quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after purchasing an additional 4,458 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Kingsoft Cloud in the 3rd quarter worth approximately $47,000. 13.40% of the stock is owned by hedge funds and other institutional investors.

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.