Kingsoft Cloud (NASDAQ:KC) Shares Gap Down - Here's What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $14.88, but opened at $13.51. Kingsoft Cloud shares last traded at $13.31, with a volume of 593,656 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on KC shares. Nomura cut Kingsoft Cloud from a "buy" rating to a "neutral" rating in a research note on Monday, March 3rd. Nomura Securities lowered Kingsoft Cloud from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 3rd.

Kingsoft Cloud Stock Up 13.2 %

The business's fifty day simple moving average is $16.50 and its 200 day simple moving average is $10.06. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of -10.82 and a beta of 2.23. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last announced its quarterly earnings data on Wednesday, March 19th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.06. The business had revenue of $2.23 billion during the quarter, compared to analysts' expectations of $2.11 billion. Kingsoft Cloud had a negative return on equity of 19.13% and a negative net margin of 28.41%. The firm's quarterly revenue was up 29.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.08 earnings per share. Equities analysts forecast that Kingsoft Cloud Holdings Limited will post -0.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its stake 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 buying an additional 2,200 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Kingsoft Cloud by 383.5% during the third quarter. Jane Street Group LLC now owns 322,503 shares of the company's stock worth $948,000 after acquiring an additional 255,795 shares during the period. Yeomans Consulting Group Inc. bought a new stake in Kingsoft Cloud in the 4th quarter valued at $318,000. Quantbot Technologies LP bought a new position in Kingsoft Cloud during the 4th quarter worth about $226,000. Finally, State Street Corp increased its holdings in Kingsoft Cloud by 0.5% during the 3rd quarter. State Street Corp now owns 609,790 shares of the company's stock worth $1,793,000 after purchasing an additional 3,104 shares in the last quarter. 13.40% of the stock is currently owned by institutional investors.

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.