Renaissance Technologies LLC Raises Position in Kingsoft Cloud Holdings Limited (NASDAQ:KC)

Renaissance Technologies LLC increased its stake in shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) by 4.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 460,400 shares of the company’s stock after acquiring an additional 17,700 shares during the quarter. Renaissance Technologies LLC owned about 0.18% of Kingsoft Cloud worth $1,156,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of KC. Blue Trust Inc. acquired a new position in Kingsoft Cloud during the second quarter worth approximately $36,000. Headlands Technologies LLC lifted 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 purchasing an additional 24,932 shares during the last quarter. Sei Investments Co. lifted its position in Kingsoft Cloud by 33.6% in the 1st quarter. Sei Investments Co. now owns 139,988 shares of the company’s stock valued at $426,000 after purchasing an additional 35,175 shares during the last quarter. Swedbank AB bought a new stake in shares of Kingsoft Cloud during the 1st quarter worth about $649,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Kingsoft Cloud by 95.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 640,486 shares of the company’s stock worth $1,947,000 after purchasing an additional 312,132 shares during the last quarter. 13.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Bank of America reduced their price objective 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 investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Kingsoft Cloud has an average rating of “Moderate Buy” and a consensus target price of $4.10.

Kingsoft Cloud Stock Performance

NASDAQ:KC opened at $3.90 on Friday. The stock’s 50-day moving average is $2.51 and its 200-day moving average is $2.77. 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 stock has a market cap of $989.38 million, a P/E ratio of -3.45 and a beta of 2.00. Kingsoft Cloud Holdings Limited has a 1-year low of $2.02 and a 1-year high of $5.80.

Kingsoft Cloud (NASDAQ:KC) last issued its earnings results on Tuesday, August 20th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $260.32 million for the quarter, compared to analyst estimates of $251.17 million. Equities research analysts anticipate that Kingsoft Cloud Holdings Limited will post -0.69 earnings per share for the current year.

Kingsoft Cloud Company 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.