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

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

Analyst Upgrades and Downgrades

KC has been the topic of several research analyst reports. Nomura Securities upgraded Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. Nomura upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 price target on the stock in a research report on Monday, May 5th.

Kingsoft Cloud Stock Down 6.8%

The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of -10.36 and a beta of 2.12. The stock has a fifty day moving average of $12.92 and a 200-day moving average of $13.15.

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

Institutional Trading of Kingsoft Cloud

Several hedge funds and other institutional investors have recently modified their holdings of KC. D. E. Shaw & Co. Inc. acquired a new stake in Kingsoft Cloud during the fourth quarter valued at $21,076,000. Voloridge Investment Management LLC acquired a new stake in Kingsoft Cloud during the fourth quarter valued at $16,345,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in Kingsoft Cloud by 50.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,217,394 shares of the company's stock valued at $17,482,000 after purchasing an additional 410,492 shares during the last quarter. Millennium Management LLC boosted its position in Kingsoft Cloud by 4,098.3% during the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company's stock valued at $9,389,000 after purchasing an additional 873,686 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Kingsoft Cloud by 69.8% during the fourth quarter. Renaissance Technologies LLC now owns 867,934 shares of the company's stock valued at $9,105,000 after purchasing an additional 356,834 shares during the last quarter. 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.