Kingsoft Cloud Holdings Ltd (03896) saw its shares soar 5.26% in pre-market trading on Wednesday, following the release of its third-quarter earnings report. The company reported adjusted earnings per share (EPS) of -0.97, beating analysts' expectations of -1.06, driving the stock's upward momentum.

While revenue growth of 16% year-over-year to 1.89 billion yuan slightly missed estimates, the company's strong financial performance and stock momentum in recent months appear to have fueled investor confidence. Kingsoft Cloud's shares had already risen 47.6% in the third quarter and gained 14.8% so far this year.

Analysts remain bullish on the company, with a consensus "Buy" recommendation and a median 12-month price target of $3.80. The earnings beat and the stock's recent upward trajectory likely contributed to the significant pre-market surge on Wednesday.