Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $3.12

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped up before the market opened on Thursday . The stock had previously closed at $3.12, but opened at $3.37. Kingsoft Cloud shares last traded at $3.49, with a volume of 322,139 shares.

Analyst Ratings Changes

Several equities analysts recently weighed in on KC shares. CLSA upgraded shares of Kingsoft Cloud from an “underperform” rating to an “outperform” rating and set a $4.40 price objective on the stock in a report on Thursday, March 21st. Citigroup upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a report on Thursday, March 21st. JPMorgan Chase & Co. upgraded Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a report on Monday, March 11th. Finally, Jefferies Financial Group boosted their target price on Kingsoft Cloud from $3.40 to $3.80 and gave the stock a “buy” rating in a research report on Monday, March 25th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.55.

Kingsoft Cloud Stock Down 2.9 %

The stock’s 50-day moving average price is $3.01 and its 200 day moving average price is $3.53.

Kingsoft Cloud (NASDAQ:KC) last announced its quarterly earnings data on Wednesday, March 20th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.02). Kingsoft Cloud had a negative net margin of 30.81% and a negative return on equity of 27.14%. The company had revenue of $242.60 million during the quarter, compared to the consensus estimate of $240.44 million. On average, research analysts forecast that Kingsoft Cloud Holdings Limited will post -0.45 EPS for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds and other institutional investors have recently bought and sold shares of KC. Vanguard Personalized Indexing Management LLC boosted its stake in Kingsoft Cloud by 50.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 15,325 shares of the company’s stock valued at $58,000 after purchasing an additional 5,126 shares during the period. Jump Financial LLC acquired a new position in shares of Kingsoft Cloud during the 4th quarter worth approximately $136,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Kingsoft Cloud during the third quarter worth approximately $229,000. Russell Investments Group Ltd. raised its position in shares of Kingsoft Cloud by 35.6% in the fourth quarter. Russell Investments Group Ltd. now owns 60,595 shares of the company’s stock valued at $229,000 after buying an additional 15,913 shares in the last quarter. Finally, Rafferty Asset Management LLC acquired a new position in Kingsoft Cloud in the 3rd quarter valued at $677,000. 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 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, storage, and delivery solutions.