Kingsoft Cloud (NASDAQ:KC) Trading Up 9.1% - Here's What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) shares were up 9.1% during trading on Monday . The company traded as high as $13.31 and last traded at $13.06. Approximately 905,983 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 2,810,021 shares. The stock had previously closed at $11.97.

Analyst Ratings Changes

KC has been the subject of several research reports. Nomura Securities raised Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Nomura upgraded shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 price objective for the company in a research report on Monday, May 5th.

Kingsoft Cloud Stock Down 1.8%

The stock has a fifty day moving average of $12.90 and a 200-day moving average of $13.02. The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of -10.71 and a beta of 2.12. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.10.

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. 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 analysts' expectations of $2.11 billion. During the same quarter last year, the business posted $0.08 EPS. Kingsoft Cloud's revenue was up 29.6% on a year-over-year basis. As a group, sell-side analysts expect that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current year.

Institutional Investors Weigh In On Kingsoft Cloud

Several large investors have recently made changes to their positions in KC. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Kingsoft Cloud by 12.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company's stock worth $205,000 after buying an additional 2,200 shares during the last quarter. Man Group plc acquired a new position in Kingsoft Cloud during the 4th quarter worth $711,000. Quantbot Technologies LP bought a new stake in Kingsoft Cloud during the fourth quarter valued at about $226,000. Invesco Ltd. grew its position in shares of Kingsoft Cloud by 8.4% in the fourth quarter. Invesco Ltd. now owns 62,855 shares of the company's stock valued at $659,000 after purchasing an additional 4,878 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Kingsoft Cloud by 4,098.3% in the fourth quarter. Millennium Management LLC now owns 895,004 shares of the company's stock worth $9,389,000 after purchasing an additional 873,686 shares during the period. 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.