Kingsoft Cloud (NASDAQ:KC) Trading 4% Higher – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price rose 4% during mid-day trading on Tuesday . The company traded as high as $2.88 and last traded at $2.88. Approximately 455,483 shares were traded during trading, a decline of 66% from the average daily volume of 1,324,127 shares. The stock had previously closed at $2.77.

Analysts Set New Price Targets

Separately, Bank of America lowered their price target on shares of Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a research report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.10.

Kingsoft Cloud Price Performance

The firm has a market cap of $705.25 million, a price-to-earnings ratio of -2.45 and a beta of 2.00. The company’s fifty day moving average is $2.65 and its 200 day moving average is $2.76. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.03.

Kingsoft Cloud (NASDAQ:KC) last announced its quarterly earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The business had revenue of $260.32 million for the quarter, compared to analyst estimates of $251.17 million. Kingsoft Cloud had a negative net margin of 25.33% and a negative return on equity of 24.99%. On average, equities research analysts predict that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current year.

Institutional Investors Weigh In On Kingsoft Cloud

Hedge funds have recently modified their holdings of the company. Profund Advisors LLC bought a new position in Kingsoft Cloud during the second quarter worth $27,000. Blue Trust Inc. bought a new position in Kingsoft Cloud during the second quarter valued at $36,000. SG Americas Securities LLC purchased a new position in shares of Kingsoft Cloud in the third quarter worth about $47,000. Headlands Technologies LLC increased its position in shares of Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after buying an additional 24,932 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of Kingsoft Cloud by 33.6% in the first quarter. Sei Investments Co. now owns 139,988 shares of the company’s stock worth $426,000 after purchasing an additional 35,175 shares during the period. 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.