Kingsoft Cloud Holdings Limited (NASDAQ:KC) Sees Significant Drop in Short Interest

by · The Cerbat Gem

Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Free Report) was the recipient of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 6,780,000 shares, a decline of 9.4% from the September 30th total of 7,480,000 shares. Based on an average trading volume of 1,850,000 shares, the short-interest ratio is currently 3.7 days.

Kingsoft Cloud Trading Down 3.8 %

NASDAQ KC traded down $0.11 on Thursday, reaching $2.75. 2,341,193 shares of the company were exchanged, compared to its average volume of 1,368,339. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03. The business’s fifty day moving average price is $2.70 and its 200 day moving average price is $2.75. The stock has a market capitalization of $697.64 million, a P/E ratio of -2.78 and a beta of 2.00. Kingsoft Cloud has a fifty-two week low of $2.02 and a fifty-two week high of $5.80.

Kingsoft Cloud (NASDAQ:KC – Get Free Report) last released its quarterly earnings data on Tuesday, August 20th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The firm had revenue of $260.32 million for the quarter, compared to analyst estimates of $251.17 million. Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. Analysts forecast that Kingsoft Cloud will post -0.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Report on Kingsoft Cloud

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds have recently modified their holdings of KC. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Kingsoft Cloud by 95.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company’s stock worth $1,947,000 after buying an additional 312,132 shares during the period. Swedbank AB purchased a new position in Kingsoft Cloud during the 1st quarter valued at about $649,000. Headlands Technologies LLC grew its position in Kingsoft Cloud by 313.9% in the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after acquiring an additional 24,932 shares in the last quarter. Blue Trust Inc. purchased a new stake in Kingsoft Cloud during the second quarter worth about $36,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Kingsoft Cloud during the third quarter worth about $47,000. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

About Kingsoft Cloud

(Get Free Report)

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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