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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

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

Kingsoft Cloud Trading Up 9.0 %

The business’s fifty day simple moving average is $3.00 and its 200-day simple moving average is $3.53. The firm has a market cap of $862.55 million, a P/E ratio of -2.66 and a beta of 2.07.

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 return on equity of 27.14% and a negative net margin of 30.81%. The business had revenue of $242.60 million during the quarter, compared to analysts’ expectations of $240.44 million. Analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in 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 in the last quarter. Rafferty Asset Management LLC bought a new position in Kingsoft Cloud during the 3rd quarter valued at approximately $677,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Kingsoft Cloud during the third quarter valued at $229,000. Vanguard Personalized Indexing Management LLC boosted its holdings in Kingsoft Cloud by 50.3% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 15,325 shares of the company’s stock worth $58,000 after acquiring an additional 5,126 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its holdings in 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 acquiring an additional 20,084 shares in the last quarter. Hedge funds and other institutional investors own 13.40% of the company’s stock.

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.