Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $2.59

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $2.59, but opened at $2.68. Kingsoft Cloud shares last traded at $2.68, with a volume of 187,563 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on KC. Jefferies Financial Group boosted 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. JPMorgan Chase & Co. upgraded shares of Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a report on Monday, March 11th. Citigroup upgraded shares of 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. Finally, CLSA upgraded 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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Kingsoft Cloud has a consensus rating of “Moderate Buy” and a consensus target price of $4.55.

Kingsoft Cloud Price Performance

The stock has a market capitalization of $674.82 million, a P/E ratio of -2.06 and a beta of 2.13. The stock’s fifty day moving average is $2.96 and its 200-day moving average is $3.66.

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

Institutional Investors Weigh In On Kingsoft Cloud

Large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. boosted its holdings in Kingsoft Cloud by 220.6% in the first quarter. PNC Financial Services Group Inc. now owns 4,941 shares of the company’s stock worth $30,000 after purchasing an additional 3,400 shares in the last quarter. Rhumbline Advisers boosted its holdings in Kingsoft Cloud by 98.6% during the third quarter. Rhumbline Advisers now owns 5,600 shares of the company’s stock valued at $28,000 after acquiring an additional 2,780 shares during the period. Royal Bank of Canada boosted its holdings in Kingsoft Cloud by 101.6% during the second quarter. Royal Bank of Canada now owns 7,938 shares of the company’s stock valued at $48,000 after acquiring an additional 4,000 shares during the period. Envestnet Asset Management Inc. bought a new stake in Kingsoft Cloud during the third quarter valued at about $53,000. Finally, Engineers Gate Manager LP bought a new stake in Kingsoft Cloud during the first quarter valued at about $67,000. 13.40% of the stock is currently owned by institutional investors.

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.