E Fund Management Hong Kong Co. Ltd. trimmed its position in Kingsoft Cloud Holdings Limited (NASDAQ:KC) by 4.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,915 shares of the company’s stock after selling 688 shares during the period. E Fund Management Hong Kong Co. Ltd.’s holdings in Kingsoft Cloud were worth $472,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KC. Canada Pension Plan Investment Board lifted its position in Kingsoft Cloud by 52.2% in the first quarter. Canada Pension Plan Investment Board now owns 7,067,345 shares of the company’s stock worth $277,888,000 after purchasing an additional 2,423,734 shares during the period. Nordea Investment Management AB acquired a new stake in Kingsoft Cloud in the first quarter worth approximately $67,115,000. Goldman Sachs Group Inc. lifted its position in Kingsoft Cloud by 567.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,604,659 shares of the company’s stock worth $63,095,000 after purchasing an additional 1,364,155 shares during the period. Credit Suisse AG lifted its position in Kingsoft Cloud by 337.3% in the first quarter. Credit Suisse AG now owns 1,235,792 shares of the company’s stock worth $48,590,000 after purchasing an additional 953,227 shares during the period. Finally, Matthews International Capital Management LLC acquired a new stake in Kingsoft Cloud in the first quarter worth approximately $18,579,000. Hedge funds and other institutional investors own 25.24% of the company’s stock.
Get Kingsoft Cloud alerts: A number of equities research analysts have weighed in on the company. Macquarie cut their target price on Kingsoft Cloud from $70.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, May 19th. Zacks Investment Research upgraded Kingsoft Cloud from a “sell” rating to a “hold” rating in a research report on Tuesday, August 3rd.
Shares of NASDAQ:KC traded down $0.52 on Friday, reaching $27.56. 451,296 shares of the company traded hands, compared to its average volume of 1,419,373. Kingsoft Cloud Holdings Limited has a fifty-two week low of $24.03 and a fifty-two week high of $74.67. The firm has a 50 day simple moving average of $31.38.
Kingsoft Cloud (NASDAQ:KC) last announced its quarterly earnings data on Monday, May 17th. The company reported ($0.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.78). Kingsoft Cloud had a negative net margin of 14.33% and a negative return on equity of 12.59%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.90 billion. The company’s revenue was up 30.4% on a year-over-year basis. As a group, research analysts expect that Kingsoft Cloud Holdings Limited will post -0.95 earnings per share for the current fiscal year.
Kingsoft Cloud Company Profile
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; enterprise cloud services to customers in financial service, public service, and healthcare business, and others.
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