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

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $18.03, but opened at $19.02. Kingsoft Cloud shares last traded at $17.94, with a volume of 1,019,420 shares.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on KC shares. UBS Group raised shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and lifted their price target for the company from $4.20 to $12.50 in a report on Friday, December 6th. Nomura lowered Kingsoft Cloud from a "buy" rating to a "neutral" rating in a research note on Monday, March 3rd. Finally, Nomura Securities cut Kingsoft Cloud from a "strong-buy" rating to a "hold" rating in a report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $6.55.

Kingsoft Cloud Price Performance

The stock has a market cap of $3.91 billion, a PE ratio of -12.86 and a beta of 2.23. The firm's fifty day moving average price is $15.49 and its 200 day moving average price is $8.98. The company has a quick ratio of 0.67, a current 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 results on Wednesday, March 19th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.06. The business had revenue of $2.23 billion for the quarter, compared to analysts' expectations of $2.11 billion. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 19.13%. The business's quarterly revenue was up 29.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.08 EPS. As a group, equities analysts expect that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current fiscal year.

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Hedge Funds Weigh In On Kingsoft Cloud

Several institutional investors have recently added to or reduced their stakes in the company. D. E. Shaw & Co. Inc. bought a new position in shares of Kingsoft Cloud during the 4th quarter valued at approximately $21,076,000. Voloridge Investment Management LLC bought a new position in Kingsoft Cloud during the fourth quarter valued at $16,345,000. Millennium Management LLC grew its stake in shares of Kingsoft Cloud by 4,098.3% in the 4th quarter. Millennium Management LLC now owns 895,004 shares of the company's stock worth $9,389,000 after buying an additional 873,686 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Kingsoft Cloud by 628.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company's stock worth $8,464,000 after buying an additional 696,094 shares during the last quarter. Finally, Two Sigma Investments LP purchased a new stake in shares of Kingsoft Cloud during the 4th quarter valued at about $6,378,000. Hedge funds and other institutional investors 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.