Kingsoft Cloud (NASDAQ:KC) Shares Gap Up - Here's What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $12.85, but opened at $13.12. Kingsoft Cloud shares last traded at $13.19, with a volume of 437,152 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Nomura Securities raised shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Nomura raised Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 target price on the stock in a report on Monday, May 5th.

Kingsoft Cloud Stock Performance

The company's 50-day moving average price is $12.92 and its two-hundred day moving average price is $13.19. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of -10.36 and a beta of 2.12. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last issued its quarterly earnings results on Wednesday, March 19th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.06. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.11 billion. Kingsoft Cloud had a negative return on equity of 19.13% and a negative net margin of 28.41%. The business's revenue was up 29.6% compared to the same quarter last year. During the same period last year, the business posted $0.08 EPS. On average, equities research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Compagnie Lombard Odier SCmA acquired a new position in Kingsoft Cloud during the 1st quarter valued at about $65,000. Bayforest Capital Ltd purchased a new stake in Kingsoft Cloud in the 1st quarter valued at about $78,000. Atlas Capital Advisors Inc. bought a new position in shares of Kingsoft Cloud during the 1st quarter worth approximately $104,000. Marshall Wace LLP purchased a new position in shares of Kingsoft Cloud in the 4th quarter worth approximately $119,000. Finally, Vise Technologies Inc. purchased a new position in shares of Kingsoft Cloud in the 4th quarter worth approximately $125,000. Institutional investors and hedge funds own 13.40% of the company's stock.

About Kingsoft Cloud

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.