Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Here’s What Happened

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down before the market opened on Friday . The stock had previously closed at $14.88, but opened at $13.51. Kingsoft Cloud shares last traded at $13.31, with a volume of 593,656 shares.

Analyst Ratings Changes

A number of research firms have recently commented on KC. Nomura cut Kingsoft Cloud from a “buy” rating to a “neutral” rating in a research report on Monday, March 3rd. Nomura Securities cut shares of Kingsoft Cloud from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 3rd.

Kingsoft Cloud Stock Performance

The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average price of $16.49 and a two-hundred day moving average price of $9.86. The firm has a market cap of $3.38 billion, a PE ratio of -11.12 and a beta of 2.23.

Kingsoft Cloud (NASDAQ:KC) last announced its quarterly earnings data on Wednesday, March 19th. The company reported ($0.05) earnings per share for the quarter, beating 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 company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter last year, the firm posted $0.08 EPS. The firm’s revenue for the quarter was up 29.6% on a year-over-year basis. Research analysts forecast that Kingsoft Cloud Holdings Limited will post -0.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Kingsoft Cloud

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. D. E. Shaw & Co. Inc. purchased a new position in shares of Kingsoft Cloud during the 4th quarter worth $21,076,000. Voloridge Investment Management LLC acquired a new stake in Kingsoft Cloud during the fourth quarter worth about $16,345,000. Millennium Management LLC raised its stake in Kingsoft Cloud by 4,098.3% during 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. Connor Clark & Lunn Investment Management Ltd. raised its stake in Kingsoft Cloud by 628.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company’s stock worth $8,464,000 after purchasing an additional 696,094 shares during the period. Finally, Two Sigma Investments LP purchased a new stake in shares of Kingsoft Cloud in the 4th quarter valued at approximately $6,378,000. 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.