Kingsoft Cloud (NASDAQ:KC) Hits New 12-Month High – Here’s What Happened

Kingsoft Cloud Holdings Limited (NASDAQ:KC)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $5.89 and last traded at $5.85, with a volume of 1960427 shares trading hands. The stock had previously closed at $4.59.

Wall Street Analysts Forecast Growth

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

Kingsoft Cloud Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $1.47 billion, a price-to-earnings ratio of -4.82 and a beta of 2.00. The stock has a 50 day simple moving average of $3.31 and a two-hundred day simple moving average of $2.90.

Kingsoft Cloud (NASDAQ:KC) last announced its earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 18.26%. The firm had revenue of $260.32 million during the quarter, compared to analyst estimates of $251.17 million. On average, equities research analysts predict that Kingsoft Cloud Holdings Limited will post -0.69 earnings per share for the current fiscal year.

Institutional Trading of Kingsoft Cloud

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its position in shares of Kingsoft Cloud by 0.5% in the third quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after buying an additional 3,104 shares during the period. Renaissance Technologies LLC increased its stake in shares of Kingsoft Cloud by 4.0% in the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after purchasing an additional 17,700 shares during the period. Jane Street Group LLC increased its stake in Kingsoft Cloud by 383.5% during the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock valued at $948,000 after acquiring an additional 255,795 shares during the period. Swedbank AB increased its stake in Kingsoft Cloud by 5.5% during the second quarter. Swedbank AB now owns 225,140 shares of the company’s stock valued at $565,000 after acquiring an additional 11,800 shares during the period. Finally, GSA Capital Partners LLP increased its stake in Kingsoft Cloud by 90.2% during the third quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock valued at $507,000 after acquiring an additional 81,751 shares during the period. 13.40% of the stock is currently owned by institutional investors and hedge funds.

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.