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

Kingsoft Cloud Holdings Limited (NASDAQ:KCGet Free Report) 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.

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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:KCGet Free Report) 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

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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.

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