Renaissance Technologies LLC Buys 356,834 Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC)

Renaissance Technologies LLC increased its stake in Kingsoft Cloud Holdings Limited (NASDAQ:KC - Free Report) by 69.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 867,934 shares of the company's stock after purchasing an additional 356,834 shares during the quarter. Renaissance Technologies LLC owned approximately 0.34% of Kingsoft Cloud worth $9,105,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of KC. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Kingsoft Cloud by 12.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company's stock valued at $205,000 after buying an additional 2,200 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Kingsoft Cloud in the fourth quarter worth approximately $226,000. Yeomans Consulting Group Inc. acquired a new stake in shares of Kingsoft Cloud during the fourth quarter worth approximately $318,000. HCEP Management Ltd purchased a new position in Kingsoft Cloud during the fourth quarter valued at approximately $535,000. Finally, Invesco Ltd. increased its stake in Kingsoft Cloud by 8.4% in the 4th quarter. Invesco Ltd. now owns 62,855 shares of the company's stock valued at $659,000 after buying an additional 4,878 shares during the period. Institutional investors and hedge funds own 13.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on KC shares. Nomura Securities lowered shares of Kingsoft Cloud from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 3rd. Nomura downgraded shares of Kingsoft Cloud from a "buy" rating to a "neutral" rating in a report on Monday, March 3rd.

Kingsoft Cloud Stock Performance

KC traded up $1.21 on Wednesday, hitting $12.91. The company had a trading volume of 2,264,361 shares, compared to its average volume of 2,633,584. Kingsoft Cloud Holdings Limited has a 1-year low of $2.02 and a 1-year high of $22.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67. The company's fifty day moving average price is $15.68 and its 200 day moving average price is $10.72. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -10.76 and a beta of 2.23.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last issued its quarterly earnings data on Wednesday, March 19th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.06. The business had revenue of $2.23 billion during the quarter, compared to analysts' expectations of $2.11 billion. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 19.13%. Kingsoft Cloud's revenue for the quarter was up 29.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.08 earnings per share. Equities analysts predict that Kingsoft Cloud Holdings Limited will post -0.63 earnings per share for the current fiscal year.

Kingsoft Cloud Profile

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.