Kingsoft Cloud (NASDAQ:KC) Trading 4% Higher - Here's Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) rose 4% during trading on Tuesday . The stock traded as high as $2.88 and last traded at $2.88. Approximately 455,483 shares traded hands during trading, a decline of 66% from the average daily volume of 1,324,127 shares. The stock had previously closed at $2.77.

Analyst Upgrades and Downgrades

Separately, Bank of America cut their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a "neutral" rating for the company in a report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Kingsoft Cloud presently has an average rating of "Moderate Buy" and an average price target of $4.10.

Kingsoft Cloud Stock Performance

The firm has a market cap of $715.39 million, a PE ratio of -2.50 and a beta of 2.00. The company has a 50 day simple moving average of $2.66 and a 200-day simple moving average of $2.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.84 and a quick ratio of 0.84.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last issued its earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The firm had revenue of $260.32 million during the quarter, compared to analysts' expectations of $251.17 million. Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. As a group, equities research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current year.

Institutional Trading of Kingsoft Cloud

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in Kingsoft Cloud by 95.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company's stock valued at $1,947,000 after purchasing an additional 312,132 shares during the last quarter. Swedbank AB bought a new position in shares of Kingsoft Cloud during the first quarter valued at approximately $649,000. Headlands Technologies LLC raised its holdings in shares of Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company's stock valued at $83,000 after acquiring an additional 24,932 shares in the last quarter. Blue Trust Inc. bought a new position in shares of Kingsoft Cloud during the second quarter valued at approximately $36,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Kingsoft Cloud by 4.0% during the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company's stock valued at $1,156,000 after acquiring an additional 17,700 shares in the last quarter. 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.