Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $4.45, but opened at $4.77. Kingsoft Cloud shares last traded at $4.78, with a volume of 223,936 shares.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Bank of America assumed coverage on Kingsoft Cloud in a report on Friday, July 7th. They set a “neutral” rating on the stock. The Goldman Sachs Group upped their target price on Kingsoft Cloud from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 23rd.
Check Out Our Latest Analysis on KC
Kingsoft Cloud Trading Up 10.6 %
Kingsoft Cloud (NASDAQ:KC – Get Free Report) last released its quarterly earnings data on Tuesday, August 22nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Kingsoft Cloud had a negative return on equity of 25.92% and a negative net margin of 30.85%. The firm had revenue of $253.11 million during the quarter, compared to analyst estimates of $270.84 million. On average, analysts anticipate that Kingsoft Cloud Holdings Limited will post -1.04 EPS for the current year.
Hedge Funds Weigh In On Kingsoft Cloud
A number of hedge funds have recently added to or reduced their stakes in KC. PNC Financial Services Group Inc. increased its holdings in Kingsoft Cloud by 220.6% in the first quarter. PNC Financial Services Group Inc. now owns 4,941 shares of the company’s stock worth $30,000 after buying an additional 3,400 shares during the last quarter. Sycomore Asset Management bought a new stake in Kingsoft Cloud during the first quarter worth approximately $37,000. Tower Research Capital LLC TRC boosted its position in Kingsoft Cloud by 310.2% during the third quarter. Tower Research Capital LLC TRC now owns 22,112 shares of the company’s stock worth $44,000 after purchasing an additional 16,721 shares during the period. Royal Bank of Canada boosted its position in Kingsoft Cloud by 101.6% during the second quarter. Royal Bank of Canada now owns 7,938 shares of the company’s stock worth $48,000 after purchasing an additional 4,000 shares during the period. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in Kingsoft Cloud during the fourth quarter worth approximately $56,000. Institutional investors and hedge funds own 17.68% of the company’s stock.
Kingsoft Cloud Company Profile
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.
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