Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Rating)’s stock price rose 4% on Tuesday . The company traded as high as $4.80 and last traded at $4.68. Approximately 6,208 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 4,256,399 shares. The stock had previously closed at $4.50.
KC has been the topic of a number of research analyst reports. The Goldman Sachs Group began coverage on shares of Kingsoft Cloud in a report on Sunday, April 10th. They issued a “hold” rating and a $9.50 price target on the stock. Citigroup dropped their price objective on shares of Kingsoft Cloud from $10.00 to $8.50 and set a “buy” rating on the stock in a report on Thursday, June 9th. Finally, JPMorgan Chase & Co. downgraded shares of Kingsoft Cloud from a “neutral” rating to an “underweight” rating in a report on Monday, March 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $21.00.
The business’s fifty day moving average price is $4.13 and its 200-day moving average price is $8.04.
Kingsoft Cloud (NASDAQ:KC – Get Rating) last announced its quarterly earnings results on Wednesday, June 8th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.05). Kingsoft Cloud had a negative return on equity of 16.63% and a negative net margin of 18.70%. The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the company posted ($0.26) earnings per share. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. As a group, analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.98 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada bought a new position in shares of Kingsoft Cloud in the third quarter worth approximately $27,000. The Manufacturers Life Insurance Company lifted its stake in Kingsoft Cloud by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 10,300 shares of the company’s stock worth $292,000 after acquiring an additional 1,300 shares during the period. PNC Financial Services Group Inc. lifted its stake 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 acquiring an additional 3,400 shares during the period. ETF Managers Group LLC lifted its stake in Kingsoft Cloud by 6.6% in the fourth quarter. ETF Managers Group LLC now owns 58,291 shares of the company’s stock worth $920,000 after acquiring an additional 3,606 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Kingsoft Cloud by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 125,644 shares of the company’s stock worth $1,979,000 after acquiring an additional 3,939 shares during the period. Institutional investors own 36.42% of the company’s stock.
About Kingsoft Cloud (NASDAQ:KC)
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.
Read More
Receive News & Ratings for Kingsoft Cloud Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Kingsoft Cloud and related companies with MarketBeat.com’s FREE daily email newsletter.
Source: defenseworld.net
