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

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped up prior to trading 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.

Wall Street Analyst Weigh In

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

Kingsoft Cloud Price Performance

The stock has a 50-day moving average of $2.96 and a 200-day moving average of $3.67.

Kingsoft Cloud (NASDAQ:KC) last issued its quarterly earnings data on Wednesday, March 20th. The company reported ($0.17) earnings per share (EPS) 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 business had revenue of $242.60 million during the quarter, compared to analysts’ expectations of $240.44 million. As a group, analysts expect that Kingsoft Cloud Holdings Limited will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Kingsoft Cloud

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC increased its holdings in shares of Kingsoft Cloud by 129.7% in the first quarter. Renaissance Technologies LLC now owns 1,863,100 shares of the company’s stock worth $11,309,000 after buying an additional 1,052,088 shares during the period. BlackRock Inc. increased its holdings in shares of Kingsoft Cloud by 35.9% in the first quarter. BlackRock Inc. now owns 3,483,442 shares of the company’s stock worth $21,147,000 after buying an additional 919,363 shares during the period. State Street Corp increased its holdings in shares of Kingsoft Cloud by 53.4% in the first quarter. State Street Corp now owns 1,752,811 shares of the company’s stock worth $10,640,000 after buying an additional 609,961 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Kingsoft Cloud by 33.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,224,912 shares of the company’s stock worth $7,435,000 after buying an additional 303,984 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Kingsoft Cloud by 345.8% in the first quarter. JPMorgan Chase & Co. now owns 348,582 shares of the company’s stock worth $2,116,000 after buying an additional 270,390 shares during the period. Hedge funds and other 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.