Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Free Report)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $3.19, but opened at $3.38. Kingsoft Cloud shares last traded at $3.29, with a volume of 163,017 shares changing hands.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on KC shares. Jefferies Financial Group increased 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. CLSA upgraded shares of Kingsoft Cloud from an “underperform” rating to an “outperform” rating and set a $4.40 price target on the stock in a research note 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 research report on Thursday, March 21st. Finally, JPMorgan Chase & Co. raised Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a report on Monday, March 11th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.55.
Check Out Our Latest Analysis on Kingsoft Cloud
Kingsoft Cloud Stock Performance
Kingsoft Cloud (NASDAQ:KC – Get Free Report) last announced its earnings results on Wednesday, March 20th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The firm had revenue of $242.60 million for the quarter, compared to the consensus estimate of $240.44 million. Kingsoft Cloud had a negative return on equity of 25.05% and a negative net margin of 27.62%. As a group, research analysts forecast that Kingsoft Cloud Holdings Limited will post -0.45 earnings per share for the current year.
Institutional Trading of Kingsoft Cloud
Several institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew 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 worth $1,947,000 after buying an additional 312,132 shares during the last quarter. Swedbank AB acquired a new position in shares of Kingsoft Cloud in the 1st quarter worth $649,000. Rafferty Asset Management LLC acquired a new stake in shares of Kingsoft Cloud during the third quarter worth $677,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Kingsoft Cloud during the third quarter valued at $229,000. Finally, Jump Financial LLC acquired a new position in shares of Kingsoft Cloud in the 4th quarter valued at $136,000. Institutional investors and hedge funds own 13.40% of the company’s stock.
About Kingsoft Cloud
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.
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