Kingsoft Cloud (NASDAQ:KC) Shares Gap Up - What's Next?

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $5.78, but opened at $6.18. Kingsoft Cloud shares last traded at $6.28, with a volume of 2,191,304 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have commented on KC. Bank of America cut their price target on shares of Kingsoft Cloud from $3.80 to $3.20 and set a "neutral" rating for the company in a report on Wednesday, August 21st. Nomura upgraded shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $2.30 to $6.70 in a research report on Friday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Kingsoft Cloud currently has an average rating of "Moderate Buy" and an average target price of $4.62.

Kingsoft Cloud Stock Up 24.7 %

The company has a market cap of $1.83 billion, a PE ratio of -6.01 and a beta of 2.00. The company's 50 day moving average is $3.41 and its 200 day moving average is $2.92. The company has a current ratio of 0.67, a quick ratio of 0.84 and a debt-to-equity ratio of 0.10.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last released its earnings results on Tuesday, August 20th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.04). Kingsoft Cloud had a negative return on equity of 19.13% and a negative net margin of 28.41%. The company had revenue of $260.32 million during the quarter, compared to analyst estimates of $251.17 million. As a group, analysts predict that Kingsoft Cloud Holdings Limited will post -0.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Several institutional investors have recently made changes to their positions in the company. State Street Corp increased 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 worth $1,793,000 after acquiring an additional 3,104 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company's stock worth $1,156,000 after purchasing an additional 17,700 shares during the last quarter. Jane Street Group LLC boosted its stake in Kingsoft Cloud by 383.5% during the 3rd quarter. Jane Street Group LLC now owns 322,503 shares of the company's stock worth $948,000 after purchasing an additional 255,795 shares during the last quarter. Swedbank AB grew its holdings in shares of Kingsoft Cloud by 5.5% in the second quarter. Swedbank AB now owns 225,140 shares of the company's stock valued at $565,000 after purchasing an additional 11,800 shares during the period. Finally, GSA Capital Partners LLP grew its holdings in shares of Kingsoft Cloud by 90.2% in the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company's stock valued at $507,000 after purchasing an additional 81,751 shares during the period. 13.40% of the stock is owned by hedge funds and other 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.