Kingsoft Cloud (NASDAQ:KC) Sees Strong Trading Volume – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares saw unusually-high trading volume on Friday . Approximately 1,102,890 shares were traded during trading, a decline of 26% from the previous session’s volume of 1,482,371 shares.The stock last traded at $5.07 and had previously closed at $4.65.

Wall Street Analysts Forecast Growth

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

Kingsoft Cloud Price Performance

The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average of $3.01 and a 200-day moving average of $2.83. The firm has a market capitalization of $1.29 billion, a P/E ratio of -4.94 and a beta of 2.00.

Kingsoft Cloud (NASDAQ:KC) last announced its earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $260.32 million during the quarter, compared to the consensus estimate of $251.17 million. On average, sell-side analysts predict that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Profund Advisors LLC acquired a new position in shares of Kingsoft Cloud in the 2nd quarter valued at approximately $27,000. Blue Trust Inc. bought a new position in Kingsoft Cloud in the second quarter valued at approximately $36,000. SG Americas Securities LLC acquired a new position in Kingsoft Cloud during the third quarter valued at approximately $47,000. Headlands Technologies LLC boosted its holdings in shares of Kingsoft Cloud by 313.9% in the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after purchasing an additional 24,932 shares in the last quarter. Finally, Walleye Capital LLC bought a new position in shares of Kingsoft Cloud in the 3rd quarter valued at $119,000. 13.40% of the stock is owned by institutional investors and hedge funds.

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.