Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $3.12

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.12, but opened at $3.37. Kingsoft Cloud shares last traded at $3.49, with a volume of 322,139 shares traded.

Wall Street Analyst Weigh In

KC has been the topic of a number of research reports. JPMorgan Chase & Co. raised Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a report on Monday, March 11th. CLSA upgraded Kingsoft Cloud from an “underperform” rating to an “outperform” rating and set a $4.40 price objective for the company in a research note on Thursday, March 21st. Citigroup upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Thursday, March 21st. Finally, Jefferies Financial Group upped their price target on shares of Kingsoft Cloud from $3.40 to $3.80 and gave the stock a “buy” rating in a research report on Monday, March 25th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.55.

Kingsoft Cloud Price Performance

The company has a market capitalization of $862.55 million, a price-to-earnings ratio of -2.66 and a beta of 2.07. The stock has a 50 day simple moving average of $3.00 and a two-hundred day simple moving average of $3.53.

Kingsoft Cloud (NASDAQ:KC) last issued its quarterly earnings results on Wednesday, March 20th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). Kingsoft Cloud had a negative return on equity of 27.14% and a negative net margin of 30.81%. The business had revenue of $242.60 million for the quarter, compared to analyst estimates of $240.44 million. Equities research analysts predict that Kingsoft Cloud Holdings Limited will post -0.45 EPS for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Kingsoft Cloud by 11.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 328,354 shares of the company’s stock worth $1,241,000 after purchasing an additional 33,411 shares during the period. Rafferty Asset Management LLC purchased a new stake in shares of Kingsoft Cloud during the 3rd quarter worth about $677,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Kingsoft Cloud in the third quarter worth $229,000. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Kingsoft Cloud by 50.3% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 15,325 shares of the company’s stock valued at $58,000 after buying an additional 5,126 shares during the period. Finally, Artisan Partners Limited Partnership lifted its holdings in Kingsoft Cloud by 3.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 625,022 shares of the company’s stock worth $2,363,000 after buying an additional 20,084 shares in the last quarter. Hedge funds and other institutional investors own 13.40% of the company’s stock.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations 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, storage, and delivery solutions.