Kingsoft Cloud (NASDAQ:KC) Shares Gap Up to $3.12

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $3.12, but opened at $3.37. Kingsoft Cloud shares last traded at $3.49, with a volume of 322,139 shares trading hands.

Analyst Upgrades and Downgrades

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

Kingsoft Cloud Price Performance

The business has a 50 day simple moving average of $3.00 and a 200-day simple moving average of $3.53. The stock has a market capitalization of $885.38 million, a price-to-earnings ratio of -2.71 and a beta of 2.07.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last issued its quarterly earnings data on Wednesday, March 20th. The company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.02). The company had revenue of $242.60 million for the quarter, compared to analyst estimates of $240.44 million. Kingsoft Cloud had a negative return on equity of 27.14% and a negative net margin of 30.81%. As a group, equities analysts predict that Kingsoft Cloud Holdings Limited will post -0.45 earnings per share for the current year.

Institutional Investors Weigh In On Kingsoft Cloud

Several institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Kingsoft Cloud by 95.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company's stock valued at $1,947,000 after purchasing an additional 312,132 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Kingsoft Cloud by 3.3% in the fourth 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 during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Kingsoft Cloud by 50.3% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 15,325 shares of the company's stock worth $58,000 after acquiring an additional 5,126 shares during the period. Jump Financial LLC acquired a new position in shares of Kingsoft Cloud during the 4th quarter worth approximately $136,000. Finally, Russell Investments Group Ltd. raised its stake in Kingsoft Cloud by 35.6% in the 4th quarter. Russell Investments Group Ltd. now owns 60,595 shares of the company's stock valued at $229,000 after acquiring an additional 15,913 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 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.