Kingsoft Cloud (NASDAQ:KC) Trading Up 15%

Kingsoft Cloud Holdings Limited (NASDAQ:KC) shot up 15% during mid-day trading on Wednesday . The company traded as high as $3.91 and last traded at $3.67. 2,049,740 shares were traded during mid-day trading, an increase of 77% from the average session volume of 1,156,780 shares. The stock had previously closed at $3.19.

Analysts Set New Price Targets

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

Kingsoft Cloud Trading Up 20.1 %

The firm has a 50 day moving average price of $2.43 and a two-hundred day moving average price of $2.75. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.03. The company has a market cap of $971.62 million, a price-to-earnings ratio of -3.25 and a beta of 1.98.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Profund Advisors LLC acquired a new stake in Kingsoft Cloud during the second quarter worth approximately $27,000. Swedbank AB increased its stake in shares of Kingsoft Cloud by 5.5% in the 2nd quarter. Swedbank AB now owns 225,140 shares of the company’s stock valued at $565,000 after acquiring an additional 11,800 shares in the last quarter. Blue Trust Inc. acquired a new position in shares of Kingsoft Cloud during the 2nd quarter valued at $36,000. Renaissance Technologies LLC boosted its stake in Kingsoft Cloud by 4.0% during the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after acquiring an additional 17,700 shares in the last quarter. Finally, Headlands Technologies LLC boosted its stake in Kingsoft Cloud by 313.9% during the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after acquiring an additional 24,932 shares in the last quarter. 13.40% of the stock is owned by institutional investors.

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.