Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $2.59

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shares gapped up before the market opened on Wednesday . The stock had previously closed at $2.59, but opened at $2.68. Kingsoft Cloud shares last traded at $2.68, with a volume of 187,563 shares changing hands.

Wall Street Analysts Forecast Growth

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

Kingsoft Cloud Price Performance

The stock’s 50-day moving average is $2.96 and its two-hundred day moving average is $3.67.

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

Institutional Trading of Kingsoft Cloud

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. increased its position in shares of Kingsoft Cloud by 353.9% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 63,165 shares of the company’s stock worth $325,000 after acquiring an additional 49,250 shares during the period. JPMorgan Chase & Co. increased its position in shares of Kingsoft Cloud by 345.8% during the first quarter. JPMorgan Chase & Co. now owns 348,582 shares of the company’s stock worth $2,116,000 after acquiring an additional 270,390 shares during the period. Bank of New York Mellon Corp increased its position in shares of Kingsoft Cloud by 19.3% during the first quarter. Bank of New York Mellon Corp now owns 186,479 shares of the company’s stock worth $1,132,000 after acquiring an additional 30,150 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Kingsoft Cloud by 220.6% during the first quarter. PNC Financial Services Group Inc. now owns 4,941 shares of the company’s stock worth $30,000 after acquiring an additional 3,400 shares during the period. Finally, Panagora Asset Management Inc. purchased a new position in shares of Kingsoft Cloud during the first quarter worth approximately $75,000. 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 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.