Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Rating) was the recipient of a significant drop in short interest in December. As of December 15th, there was short interest totalling 5,880,000 shares, a drop of 26.5% from the November 30th total of 8,000,000 shares. Based on an average daily volume of 2,190,000 shares, the days-to-cover ratio is presently 2.7 days.
Hedge Funds Weigh In On Kingsoft Cloud
Several hedge funds and other institutional investors have recently added to or reduced their stakes in KC. PNC Financial Services Group Inc. raised its holdings in shares of Kingsoft Cloud by 220.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,941 shares of the company’s stock worth $30,000 after buying an additional 3,400 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Kingsoft Cloud by 310.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 22,112 shares of the company’s stock worth $44,000 after buying an additional 16,721 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Kingsoft Cloud during the 2nd quarter worth $45,000. BNP Paribas Arbitrage SNC acquired a new position in shares of Kingsoft Cloud during the 3rd quarter worth $61,000. Finally, Engineers Gate Manager LP bought a new stake in Kingsoft Cloud during the 1st quarter worth $67,000. 20.32% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Separately, Citigroup downgraded Kingsoft Cloud from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $8.50 to $3.00 in a research note on Wednesday, September 7th.
Kingsoft Cloud Trading Up 0.3 %
NASDAQ KC traded up $0.01 during midday trading on Monday, hitting $3.83. The company had a trading volume of 57,485 shares, compared to its average volume of 3,468,611. The company has a market capitalization of $932.78 million, a PE ratio of -2.44 and a beta of 1.72. The firm has a 50-day moving average price of $3.10 and a 200-day moving average price of $3.12. Kingsoft Cloud has a twelve month low of $1.77 and a twelve month high of $16.48.
About Kingsoft Cloud
Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations in China. The company offers public cloud services to customers in various verticals, including game, video, AI, e-commerce, education, and mobile internet; and enterprise cloud services to customers in financial service, public service, and healthcare businesses.
See Also
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