Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped down prior to trading on Friday . The stock had previously closed at $15.21, but opened at $14.64. Kingsoft Cloud shares last traded at $13.81, with a volume of 704,537 shares changing hands.

Analyst Upgrades and Downgrades

KC has been the subject of several recent analyst reports. UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $4.20 to $12.50 in a research note on Friday, December 6th. Nomura downgraded shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating in a research report on Monday, March 3rd. Finally, Nomura Securities downgraded shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 3rd.

Kingsoft Cloud Trading Down 8.3 %

The business’s 50 day simple moving average is $15.97 and its 200 day simple moving average is $9.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -11.65 and a beta of 2.23.

Kingsoft Cloud (NASDAQ:KC) last posted its quarterly earnings data on Wednesday, March 19th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.06. Kingsoft Cloud had a negative return on equity of 19.13% and a negative net margin of 28.41%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the prior year, the business earned $0.08 EPS. The firm’s revenue was up 29.6% compared to the same quarter last year. Research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current year.

Institutional Trading of Kingsoft Cloud

Several hedge funds have recently made changes to their positions in KC. Walleye Capital LLC acquired a new stake in Kingsoft Cloud in the third quarter valued at about $119,000. Marshall Wace LLP acquired a new position in Kingsoft Cloud during the fourth quarter worth $119,000. Vise Technologies Inc. purchased a new position in Kingsoft Cloud in the fourth quarter worth $125,000. Cetera Investment Advisers purchased a new position in Kingsoft Cloud in the fourth quarter worth $138,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Kingsoft Cloud by 12.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock valued at $205,000 after acquiring an additional 2,200 shares during the period. Institutional investors and hedge funds own 13.40% of the company’s stock.

About Kingsoft Cloud

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.