Bank of America Corp DE Lowers Holdings in Kingsoft Cloud Holdings Limited (NASDAQ:KC)

Bank of America Corp DE trimmed its position in Kingsoft Cloud Holdings Limited (NASDAQ:KC - Free Report) by 93.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,311 shares of the company's stock after selling 467,290 shares during the quarter. Bank of America Corp DE's holdings in Kingsoft Cloud were worth $360,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Kingsoft Cloud by 628.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 806,902 shares of the company's stock worth $8,464,000 after purchasing an additional 696,094 shares during the last quarter. Jump Financial LLC bought a new stake in Kingsoft Cloud in the fourth quarter valued at $6,179,000. Renaissance Technologies LLC boosted its holdings in Kingsoft Cloud by 69.8% in the fourth quarter. Renaissance Technologies LLC now owns 867,934 shares of the company's stock valued at $9,105,000 after acquiring an additional 356,834 shares in the last quarter. Headlands Technologies LLC bought a new stake in Kingsoft Cloud in the fourth quarter valued at $2,990,000. Finally, BNP Paribas Financial Markets bought a new stake in Kingsoft Cloud in the fourth quarter valued at $2,159,000. 13.40% of the stock is owned by hedge funds and other institutional investors.

Kingsoft Cloud Stock Down 6.8%

Shares of KC stock traded down $0.90 during mid-day trading on Friday, reaching $12.43. 2,403,171 shares of the company's stock traded hands, compared to its average volume of 2,839,785. Kingsoft Cloud Holdings Limited has a 12 month low of $2.02 and a 12 month high of $22.26. The company has a market cap of $3.42 billion, a P/E ratio of -10.36 and a beta of 2.12. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10. The company's 50-day moving average price is $12.92 and its 200-day moving average price is $13.15.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on KC. Nomura Securities upgraded shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Nomura upgraded shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 price target on the stock in a report on Monday, May 5th.

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.