Kingsoft Cloud (NASDAQ:KC) Stock Price Down 7.5% - Here's What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) was down 7.5% during mid-day trading on Friday . The company traded as low as $12.28 and last traded at $12.34. Approximately 725,611 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 2,819,692 shares. The stock had previously closed at $13.33.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Nomura Securities upgraded shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Nomura upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 price objective on the stock in a research report on Monday, May 5th.

Kingsoft Cloud Stock Performance

The firm has a market capitalization of $3.51 billion, a PE ratio of -10.64 and a beta of 2.12. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The business's fifty day simple moving average is $12.92 and its 200-day simple moving average is $13.19.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last issued its 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 analyst estimates of $2.11 billion. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 19.13%. Kingsoft Cloud's revenue for the quarter was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.08 earnings per share. As a group, equities research analysts expect that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

Institutional investors have recently added to or reduced their stakes in the company. Bayforest Capital Ltd purchased a new stake in shares of Kingsoft Cloud during the 1st quarter worth approximately $78,000. Goldman Sachs Group Inc. increased its position in Kingsoft Cloud by 9.6% in the first quarter. Goldman Sachs Group Inc. now owns 133,634 shares of the company's stock worth $1,919,000 after purchasing an additional 11,720 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Kingsoft Cloud by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 332,906 shares of the company's stock worth $4,781,000 after purchasing an additional 1,710 shares during the last quarter. OLD Mission Capital LLC purchased a new stake in Kingsoft Cloud during the first quarter valued at $3,034,000. Finally, Vident Advisory LLC lifted its position in Kingsoft Cloud by 9.3% during the first quarter. Vident Advisory LLC now owns 98,148 shares of the company's stock valued at $1,409,000 after purchasing an additional 8,354 shares during the last quarter. Hedge funds and other institutional investors 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.