Kingsoft Cloud (NASDAQ:KC) Issues Earnings Results

Kingsoft Cloud (NASDAQ:KC - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.06, Zacks reports. The firm had revenue of $347.85 million during the quarter, compared to analysts' expectations of $346.37 million. Kingsoft Cloud had a negative net margin of 24.26% and a negative return on equity of 18.02%.

Kingsoft Cloud Stock Performance

KC stock opened at $12.45 on Wednesday. The firm has a market cap of $3.76 billion, a PE ratio of -10.92 and a beta of 2.14. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.34. The stock has a 50-day moving average price of $13.93 and a 200-day moving average price of $13.64. Kingsoft Cloud has a 1-year low of $4.30 and a 1-year high of $22.26.

Hedge Funds Weigh In On Kingsoft Cloud

Institutional investors have recently added to or reduced their stakes in the business. LMR Partners LLP boosted its holdings in shares of Kingsoft Cloud by 1,114.5% during the 2nd quarter. LMR Partners LLP now owns 518,200 shares of the company's stock worth $6,488,000 after buying an additional 475,533 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Kingsoft Cloud in the 3rd quarter valued at $6,896,000. Bank of America Corp DE lifted its position in shares of Kingsoft Cloud by 51.5% during the 2nd quarter. Bank of America Corp DE now owns 271,263 shares of the company's stock valued at $3,396,000 after acquiring an additional 92,185 shares during the period. HRT Financial LP boosted its stake in Kingsoft Cloud by 338.7% during the second quarter. HRT Financial LP now owns 192,671 shares of the company's stock worth $2,412,000 after acquiring an additional 148,752 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in Kingsoft Cloud in the third quarter worth $2,755,000. 13.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on KC. Wall Street Zen raised shares of Kingsoft Cloud from a "sell" rating to a "hold" rating in a research note on Sunday, August 24th. Zacks Research raised Kingsoft Cloud from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Kingsoft Cloud in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft started coverage on Kingsoft Cloud in a research report on Tuesday, September 16th. They set a "buy" rating and a $21.00 price objective for the company. Finally, Bank of America upgraded Kingsoft Cloud from a "neutral" rating to a "buy" rating in a report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.27.

Read Our Latest Analysis on Kingsoft Cloud

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.

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