Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price gapped down before the market opened on Friday . The stock had previously closed at $12.54, but opened at $11.99. Kingsoft Cloud shares last traded at $12.04, with a volume of 339,650 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Nomura downgraded Kingsoft Cloud from a “buy” rating to a “neutral” rating in a report on Monday, March 3rd. Nomura Securities lowered shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 3rd.

Kingsoft Cloud Stock Performance

The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -9.97 and a beta of 2.23. The firm’s 50 day simple moving average is $15.21 and its 200-day simple moving average is $10.90. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67.

Kingsoft Cloud (NASDAQ:KC) last posted its quarterly earnings results on Wednesday, March 19th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.06. Kingsoft Cloud had a negative return on equity of 19.13% and a negative net margin of 28.41%. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period in the previous year, the firm earned $0.08 earnings per share. Kingsoft Cloud’s quarterly revenue was up 29.6% on a year-over-year basis. Analysts expect that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

Several institutional investors and hedge funds have recently modified their holdings of KC. State Street Corp increased its holdings in Kingsoft Cloud by 0.5% in the third quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after buying an additional 3,104 shares during the last quarter. Jane Street Group LLC grew its position in Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after acquiring an additional 255,795 shares in the last quarter. Yeomans Consulting Group Inc. acquired a new position in shares of Kingsoft Cloud during the 4th quarter worth $318,000. WT Asset Management Ltd bought a new position in shares of Kingsoft Cloud during the 4th quarter valued at $2,613,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Kingsoft Cloud by 12.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company’s stock valued at $205,000 after purchasing an additional 2,200 shares during the last quarter. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations primarily 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, network, database, big data, security, storage, and delivery solutions.