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

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $13.86, but opened at $14.21. Kingsoft Cloud shares last traded at $14.52, with a volume of 239,936 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Nomura cut Kingsoft Cloud from a "buy" rating to a "neutral" rating in a report on Monday, March 3rd. Nomura Securities downgraded Kingsoft Cloud from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 3rd.

Kingsoft Cloud Stock Down 6.5 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The stock's 50-day moving average price is $16.49 and its two-hundred day moving average price is $9.91. The stock has a market capitalization of $3.16 billion, a PE ratio of -10.47 and a beta of 2.23.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in Kingsoft Cloud by 12.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company's stock worth $205,000 after purchasing an additional 2,200 shares in the last quarter. State Street Corp raised its holdings in Kingsoft Cloud by 0.5% in the 3rd quarter. State Street Corp now owns 609,790 shares of the company's stock valued at $1,793,000 after acquiring an additional 3,104 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of Kingsoft Cloud by 13.8% during the 4th quarter. Two Sigma Advisers LP now owns 27,200 shares of the company's stock valued at $285,000 after acquiring an additional 3,300 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Kingsoft Cloud by 8.4% during the 4th quarter. Invesco Ltd. now owns 62,855 shares of the company's stock worth $659,000 after buying an additional 4,878 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Kingsoft Cloud during the 4th quarter worth about $119,000. 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 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.