Kingsoft Cloud (NASDAQ:KC) Trading 4% Higher – Here’s Why

Kingsoft Cloud Holdings Limited (NASDAQ:KC) traded up 4% during mid-day trading on Tuesday . The company traded as high as $2.88 and last traded at $2.88. 455,483 shares traded hands during trading, a decline of 66% from the average session volume of 1,324,127 shares. The stock had previously closed at $2.77.

Wall Street Analysts Forecast Growth

Separately, Bank of America reduced their price target on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $4.10.

Kingsoft Cloud Stock Down 5.7 %

The stock’s 50 day simple moving average is $2.66 and its 200 day simple moving average is $2.75. The stock has a market capitalization of $674.80 million, a P/E ratio of -2.35 and a beta of 2.00. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03.

Kingsoft Cloud (NASDAQ:KC) last issued its quarterly earnings results on Tuesday, August 20th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The company had revenue of $260.32 million for the quarter, compared to the consensus estimate of $251.17 million. Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. As a group, research analysts predict that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds have recently added to or reduced their stakes in KC. Blue Trust Inc. lifted its holdings in Kingsoft Cloud by 30.9% in the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock worth $56,000 after acquiring an additional 4,458 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Kingsoft Cloud in the 3rd quarter worth approximately $47,000. Profund Advisors LLC acquired a new position in Kingsoft Cloud during the 2nd quarter valued at approximately $27,000. Renaissance Technologies LLC grew its stake in Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after buying an additional 17,700 shares during the last quarter. Finally, Headlands Technologies LLC increased its position in Kingsoft Cloud by 313.9% in the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after buying an additional 24,932 shares during the period. Institutional investors and hedge funds own 13.40% of the company’s stock.

Kingsoft Cloud Company Profile

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.