Kingsoft Cloud (NASDAQ:KC) Shares Down 5% - Here's Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s stock price was down 5% during mid-day trading on Thursday . The company traded as low as $14.50 and last traded at $14.76. Approximately 1,099,560 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 2,392,874 shares. The stock had previously closed at $15.53.

Analyst Ratings Changes

KC has been the topic of a number of research analyst reports. Nomura Securities lowered Kingsoft Cloud from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 3rd. UBS Group raised shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. Finally, Nomura downgraded Kingsoft Cloud from a "buy" rating to a "neutral" rating in a research note on Monday, March 3rd.

Kingsoft Cloud Stock Up 2.8 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a 50-day moving average of $16.05 and a 200 day moving average of $9.49. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of -11.97 and a beta of 2.23.

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, beating analysts' consensus estimates of ($0.11) by $0.06. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 19.13%. The firm had revenue of $2.23 billion during the quarter, compared to analysts' expectations of $2.11 billion. During the same quarter last year, the company posted $0.08 earnings per share. The company's revenue for the quarter was up 29.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Kingsoft Cloud Holdings Limited will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Kingsoft Cloud by 12.7% during 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 during the last quarter. State Street Corp lifted its holdings in shares of Kingsoft Cloud by 0.5% during the third quarter. State Street Corp now owns 609,790 shares of the company's stock worth $1,793,000 after buying an additional 3,104 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Kingsoft Cloud by 13.8% in the fourth 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 period. Invesco Ltd. grew its stake in shares of Kingsoft Cloud by 8.4% in the fourth quarter. Invesco Ltd. now owns 62,855 shares of the company's stock valued at $659,000 after acquiring an additional 4,878 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Kingsoft Cloud during the fourth quarter worth about $119,000. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.