Kingsoft Cloud (NASDAQ:KC – Get Rating) had its price objective dropped by stock analysts at Citigroup from $10.00 to $8.50 in a report issued on Thursday, The Fly reports. Citigroup’s target price would indicate a potential upside of 53.43% from the company’s previous close.
Several other brokerages also recently commented on KC. The Goldman Sachs Group started coverage on Kingsoft Cloud in a research note on Sunday, April 10th. They set a “hold” rating and a $9.50 target price on the stock. JPMorgan Chase & Co. downgraded Kingsoft Cloud from a “neutral” rating to an “underweight” rating in a research note on Monday, March 14th. Finally, Zacks Investment Research cut Kingsoft Cloud from a “hold” rating to a “sell” rating in a report on Thursday, February 24th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $21.00.
Kingsoft Cloud stock opened at $5.54 on Thursday. The business has a 50-day simple moving average of $4.23 and a 200 day simple moving average of $8.50. Kingsoft Cloud has a 52 week low of $2.50 and a 52 week high of $41.14. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of -5.23 and a beta of 2.51.
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Kingsoft Cloud (NASDAQ:KC – Get Rating) last released its earnings results on Thursday, March 24th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. Kingsoft Cloud had a negative return on equity of 16.12% and a negative net margin of 17.53%. The company had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the previous year, the company posted ($0.07) EPS. Kingsoft Cloud’s revenue for the quarter was up 38.3% on a year-over-year basis.
Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE raised its position in shares of Kingsoft Cloud by 250.8% in the first quarter. Bank of America Corp DE now owns 349,331 shares of the company’s stock worth $2,120,000 after acquiring an additional 249,751 shares during the period. River & Mercantile Asset Management LLP raised its holdings in Kingsoft Cloud by 126.5% in the 1st quarter. River & Mercantile Asset Management LLP now owns 105,288 shares of the company’s stock valued at $639,000 after acquiring an additional 58,800 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Kingsoft Cloud by 33.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,224,912 shares of the company’s stock valued at $7,435,000 after acquiring an additional 303,984 shares during the last quarter. Alpha Square Group S LLC grew its stake in shares of Kingsoft Cloud by 42.1% in the 1st quarter. Alpha Square Group S LLC now owns 6,539,654 shares of the company’s stock valued at $39,696,000 after buying an additional 1,937,146 shares during the period. Finally, State Street Corp grew its stake in shares of Kingsoft Cloud by 53.4% in the 1st quarter. State Street Corp now owns 1,752,811 shares of the company’s stock valued at $10,640,000 after buying an additional 609,961 shares during the period. 36.42% of the stock is currently owned by hedge funds and other institutional investors.
About Kingsoft Cloud (Get Rating)
Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations in China. The company offers public cloud services to customers in various verticals, including game, video, AI, e-commerce, education, and mobile internet; enterprise cloud services to customers in financial service, public service, and healthcare business, and others.
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