Kingsoft Cloud (NASDAQ:KC) Shares Gap Down to $3.60

Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down before the market opened on Monday . The stock had previously closed at $3.60, but opened at $3.50. Kingsoft Cloud shares last traded at $3.43, with a volume of 137,466 shares trading hands.

Wall Street Analysts Forecast Growth

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

Kingsoft Cloud Trading Up 5.3 %

The stock’s 50-day simple moving average is $3.13 and its 200 day simple moving average is $3.39. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.89 and a quick ratio of 0.89.

Kingsoft Cloud (NASDAQ:KC) last released its quarterly earnings results 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). The company had revenue of $242.60 million during the quarter, compared to analyst estimates of $240.44 million. Kingsoft Cloud had a negative net margin of 30.81% and a negative return on equity of 27.14%. Research analysts predict that Kingsoft Cloud Holdings Limited will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in Kingsoft Cloud by 95.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company’s stock valued at $1,947,000 after buying an additional 312,132 shares during the period. Artisan Partners Limited Partnership increased its holdings in Kingsoft Cloud by 3.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 625,022 shares of the company’s stock valued at $2,363,000 after buying an additional 20,084 shares during the period. Swedbank AB bought a new position in Kingsoft Cloud in the 1st quarter valued at about $649,000. Sei Investments Co. increased its holdings in Kingsoft Cloud by 33.6% in the 1st quarter. Sei Investments Co. now owns 139,988 shares of the company’s stock valued at $426,000 after buying an additional 35,175 shares during the period. Finally, Rafferty Asset Management LLC bought a new position in Kingsoft Cloud in the 3rd quarter valued at about $677,000. 13.40% of the stock is owned by 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.