Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $2.87

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $2.87, but opened at $3.05. Kingsoft Cloud shares last traded at $3.28, with a volume of 728,901 shares traded.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Citigroup upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $5.00 price target for the company in a report on Thursday, March 21st. Jefferies Financial Group raised their target price on Kingsoft Cloud from $3.40 to $3.80 and gave the company a "buy" rating in a research note on Monday, March 25th. CLSA upgraded Kingsoft Cloud from an "underperform" rating to an "outperform" rating and set a $4.40 target price for the company in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. upgraded Kingsoft Cloud from a "neutral" rating to an "overweight" rating in a research note on Monday, March 11th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $4.55.

Kingsoft Cloud Trading Up 10.1 %

The company's 50-day simple moving average is $2.98 and its 200 day simple moving average is $3.58. The stock has a market cap of $801.66 million, a P/E ratio of -2.45 and a beta of 2.13.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last posted its earnings results on Wednesday, March 20th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.02). Kingsoft Cloud had a negative return on equity of 27.14% and a negative net margin of 30.81%. The firm had revenue of $242.60 million for the quarter, compared to the consensus estimate of $240.44 million. Research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kingsoft Cloud

A number of hedge funds have recently modified their holdings of the stock. Artisan Partners Limited Partnership grew its stake in Kingsoft Cloud by 3.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 625,022 shares of the company's stock valued at $2,363,000 after buying an additional 20,084 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Kingsoft Cloud by 50.3% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 15,325 shares of the company's stock valued at $58,000 after purchasing an additional 5,126 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Kingsoft Cloud during the 4th quarter valued at $136,000. Russell Investments Group Ltd. raised its stake in shares of Kingsoft Cloud by 35.6% during the 4th quarter. Russell Investments Group Ltd. now owns 60,595 shares of the company's stock valued at $229,000 after purchasing an additional 15,913 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Kingsoft Cloud by 11.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 328,354 shares of the company's stock worth $1,241,000 after purchasing an additional 33,411 shares in the last quarter. Institutional investors own 13.40% of the company's stock.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations 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, storage, and delivery solutions.