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

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) 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.

Wall Street Analysts Forecast Growth

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

Kingsoft Cloud Stock Up 1.9 %

The stock has a market cap of $674.82 million, a price-to-earnings ratio of -2.06 and a beta of 2.13. The stock has a fifty day moving average of $2.96 and a two-hundred day moving average of $3.66.

Kingsoft Cloud (NASDAQ:KC) last issued its 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 net margin of 30.81% and a negative return on equity of 27.14%. The firm had revenue of $242.60 million during the quarter, compared to analyst estimates of $240.44 million. Equities research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in KC. Rhumbline Advisers raised its position in Kingsoft Cloud by 98.6% in the third quarter. Rhumbline Advisers now owns 5,600 shares of the company’s stock valued at $28,000 after purchasing an additional 2,780 shares during the period. PNC Financial Services Group Inc. raised its position 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 valued at $30,000 after purchasing an additional 3,400 shares during the period. Tower Research Capital LLC TRC raised its position in Kingsoft Cloud by 310.2% in the third quarter. Tower Research Capital LLC TRC now owns 22,112 shares of the company’s stock valued at $44,000 after purchasing an additional 16,721 shares during the period. Royal Bank of Canada raised its position in Kingsoft Cloud by 101.6% in the second quarter. Royal Bank of Canada now owns 7,938 shares of the company’s stock valued at $48,000 after purchasing an additional 4,000 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new position in Kingsoft Cloud in the third quarter valued at about $53,000. 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.