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

Kingsoft Cloud Holdings Limited (NASDAQ:KC) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 8,530,000 shares, a decline of 11.7% from the October 15th total of 9,660,000 shares. Based on an average daily trading volume, of 967,300 shares, the days-to-cover ratio is presently 8.8 days.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group boosted their price target on Kingsoft Cloud from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 23rd.

Hedge Funds Weigh In On Kingsoft Cloud

A number of hedge funds have recently made changes to their positions in KC. Rhumbline Advisers lifted its position in Kingsoft Cloud by 98.6% during the 3rd quarter. Rhumbline Advisers now owns 5,600 shares of the company’s stock worth $28,000 after acquiring an additional 2,780 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Kingsoft Cloud by 220.6% during the first quarter. PNC Financial Services Group Inc. now owns 4,941 shares of the company’s stock valued at $30,000 after purchasing an additional 3,400 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Kingsoft Cloud by 310.2% during the third quarter. Tower Research Capital LLC TRC now owns 22,112 shares of the company’s stock worth $44,000 after purchasing an additional 16,721 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Kingsoft Cloud by 101.6% in the second quarter. Royal Bank of Canada now owns 7,938 shares of the company’s stock valued at $48,000 after purchasing an additional 4,000 shares during the period. Finally, Envestnet Asset Management Inc. acquired a new stake in Kingsoft Cloud during the 3rd quarter valued at $53,000. Hedge funds and other institutional investors own 17.68% of the company’s stock.

Kingsoft Cloud Stock Performance

Kingsoft Cloud stock traded up $0.09 during trading on Friday, hitting $5.31. The company’s stock had a trading volume of 429,571 shares, compared to its average volume of 2,072,602. The stock’s fifty day moving average is $4.90 and its 200 day moving average is $5.38. Kingsoft Cloud has a 1-year low of $2.35 and a 1-year high of $10.13. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -3.65 and a beta of 2.40.

Kingsoft Cloud (NASDAQ:KC) last posted its quarterly earnings results on Tuesday, August 22nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Kingsoft Cloud had a negative return on equity of 25.92% and a negative net margin of 30.85%. The company had revenue of $253.11 million for the quarter, compared to analysts’ expectations of $270.84 million. On average, research analysts anticipate that Kingsoft Cloud will post -1.04 EPS for the current fiscal year.

About Kingsoft Cloud

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations 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, storage, and delivery solutions.