Short Interest in Kingsoft Cloud Holdings Limited (NASDAQ:KC) Decreases By 6.3%

Kingsoft Cloud Holdings Limited (NASDAQ:KC - Get Free Report) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totalling 7,480,000 shares, a decrease of 6.3% from the September 15th total of 7,980,000 shares. Based on an average daily volume of 1,570,000 shares, the short-interest ratio is presently 4.8 days.

Hedge Funds Weigh In On Kingsoft Cloud

Several hedge funds and other institutional investors have recently made changes to their positions in KC. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Kingsoft Cloud by 95.1% in 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 in the last quarter. Swedbank AB acquired a new position in shares of Kingsoft Cloud during the 1st quarter worth approximately $649,000. Headlands Technologies LLC grew its position in shares of Kingsoft Cloud by 313.9% in the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company's stock valued at $83,000 after purchasing an additional 24,932 shares in the last quarter. Blue Trust Inc. acquired a new stake in shares of Kingsoft Cloud in the second quarter valued at approximately $36,000. Finally, Renaissance Technologies LLC lifted its position in Kingsoft Cloud by 4.0% during the second quarter. Renaissance Technologies LLC now owns 460,400 shares of the company's stock worth $1,156,000 after buying an additional 17,700 shares in the last quarter. Hedge funds and other institutional investors own 13.40% of the company's stock.

Kingsoft Cloud Price Performance

NASDAQ:KC traded up $0.02 during trading hours on Wednesday, reaching $2.75. 1,781,616 shares of the company were exchanged, compared to its average volume of 1,319,711. 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 firm has a market cap of $697.64 million, a PE ratio of -2.42 and a beta of 2.00. Kingsoft Cloud has a twelve month low of $2.02 and a twelve month high of $5.80. The stock's 50-day moving average is $2.62 and its 200-day moving average is $2.77.

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

Analyst Ratings Changes

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

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.