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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped up before the market opened 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 changing hands.

Wall Street Analyst Weigh In

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

Kingsoft Cloud Trading Up 10.1 %

The stock has a 50 day simple moving average of $2.97 and a 200-day simple moving average of $3.59. The firm has a market capitalization of $801.66 million, a P/E ratio of -2.46 and a beta of 2.13.

Kingsoft Cloud (NASDAQ:KC) last announced 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). 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 the consensus estimate of $240.44 million. As a group, sell-side analysts expect that Kingsoft Cloud Holdings Limited will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds have recently bought and sold shares of KC. Vanguard Personalized Indexing Management LLC grew its holdings in Kingsoft Cloud by 50.3% during 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 during the period. Jump Financial LLC purchased a new stake in Kingsoft Cloud in the fourth quarter valued at $136,000. Russell Investments Group Ltd. raised its position in Kingsoft Cloud by 35.6% in the fourth quarter. Russell Investments Group Ltd. now owns 60,595 shares of the company’s stock valued at $229,000 after purchasing an additional 15,913 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Kingsoft Cloud in the third quarter valued at $229,000. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Kingsoft Cloud in the 3rd quarter valued at $677,000. Institutional investors own 13.40% of the company’s stock.

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.