Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $2.87

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped up prior to trading on Friday . The stock had previously closed at $2.87, but opened at $3.05. Kingsoft Cloud shares last traded at $3.28, with a volume of 728,901 shares traded.

Analyst Ratings Changes

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

Kingsoft Cloud Stock Up 10.1 %

The firm’s fifty day moving average price is $2.97 and its two-hundred day moving average price is $3.59. The stock has a market capitalization of $801.66 million, a PE ratio of -2.46 and a beta of 2.13.

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

Institutional Trading of Kingsoft Cloud

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KC. Artisan Partners Limited Partnership boosted its position in shares of Kingsoft Cloud by 3.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 625,022 shares of the company’s stock worth $2,363,000 after purchasing an additional 20,084 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Kingsoft Cloud by 11.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 328,354 shares of the company’s stock worth $1,241,000 after acquiring an additional 33,411 shares during the last quarter. Rafferty Asset Management LLC bought a new position in shares of Kingsoft Cloud during the third quarter worth $677,000. Russell Investments Group Ltd. boosted its position in shares of Kingsoft Cloud by 35.6% during the fourth quarter. Russell Investments Group Ltd. now owns 60,595 shares of the company’s stock worth $229,000 after acquiring an additional 15,913 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Kingsoft Cloud during the third quarter worth $229,000. 13.40% of the stock is owned by hedge funds and other institutional investors.

About Kingsoft Cloud

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.