Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $2.87

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped up before the market opened on Friday . The stock had previously closed at $2.87, but opened at $3.05. Kingsoft Cloud shares last traded at $3.28, with a volume of 728,901 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on KC shares. JPMorgan Chase & Co. upgraded shares of Kingsoft Cloud from a “neutral” rating to an “overweight” rating in a research report on Monday, March 11th. 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 research report on Thursday, March 21st. Citigroup upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research report on Thursday, March 21st. Finally, Jefferies Financial Group raised their price objective 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 investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.55.

Kingsoft Cloud Trading Up 10.1 %

The company’s fifty day moving average is $2.98 and its 200 day moving average is $3.57. The company has a market cap of $801.66 million, a P/E ratio of -2.45 and a beta of 2.13.

Kingsoft Cloud (NASDAQ:KC) last released 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). Kingsoft Cloud had a negative net margin of 30.81% and a negative return on equity of 27.14%. The business had revenue of $242.60 million for the quarter, compared to the consensus estimate of $240.44 million. Analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.45 EPS for the current year.

Institutional Investors Weigh In On Kingsoft Cloud

Large investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC grew its holdings 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 worth $58,000 after acquiring an additional 5,126 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Kingsoft Cloud during the 4th quarter valued at about $136,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Kingsoft Cloud during the 3rd quarter valued at about $229,000. Russell Investments Group Ltd. boosted its stake in shares of Kingsoft Cloud by 35.6% during the 4th quarter. Russell Investments Group Ltd. now owns 60,595 shares of the company’s stock valued at $229,000 after purchasing an additional 15,913 shares in the last quarter. Finally, Rafferty Asset Management LLC bought a new stake in shares of Kingsoft Cloud during the 3rd quarter valued at about $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.