Kingsoft Cloud (NASDAQ:KC) Shares Gap Down – Time to Sell?

Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) gapped down before the market opened on Wednesday . The stock had previously closed at $3.54, but opened at $3.39. Kingsoft Cloud shares last traded at $3.42, with a volume of 760,807 shares changing hands.

Analysts Set New Price Targets

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

Kingsoft Cloud Stock Performance

The company has a fifty day simple moving average of $2.59 and a 200 day simple moving average of $2.77. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.03.

Kingsoft Cloud (NASDAQ:KC) last announced its quarterly 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). The firm had revenue of $260.32 million during the quarter, compared to the consensus estimate of $251.17 million. Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. On average, research analysts predict that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current year.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Profund Advisors LLC bought a new stake in shares of Kingsoft Cloud in the 2nd quarter worth $27,000. Swedbank AB boosted its position in shares of 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 buying an additional 11,800 shares during the last quarter. Blue Trust Inc. bought a new stake in Kingsoft Cloud in the 2nd quarter worth about $36,000. SG Americas Securities LLC purchased a new position in Kingsoft Cloud in the 3rd quarter worth about $47,000. Finally, Renaissance Technologies LLC lifted its stake in Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock valued at $1,156,000 after acquiring an additional 17,700 shares during the period. 13.40% of the stock is owned by institutional investors.

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.