Bank of America Corp DE Trims Stock Position in Kingsoft Cloud Holdings Limited (NASDAQ:KC)

Bank of America Corp DE decreased its holdings in Kingsoft Cloud Holdings Limited (NASDAQ:KC - Free Report) by 93.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,311 shares of the company's stock after selling 467,290 shares during the period. 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 have also recently made changes to their positions in the company. Marshall Wace LLP bought a new position in shares of Kingsoft Cloud in the 4th quarter valued at about $119,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Kingsoft Cloud by 12.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,549 shares of the company's stock valued at $205,000 after acquiring an additional 2,200 shares during the last quarter. Quantbot Technologies LP bought a new stake in Kingsoft Cloud in the fourth quarter worth about $226,000. Tower Research Capital LLC TRC lifted its stake in Kingsoft Cloud by 460.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 30,177 shares of the company's stock worth $317,000 after purchasing an additional 24,796 shares during the last quarter. Finally, HCEP Management Ltd bought a new stake in Kingsoft Cloud in the fourth quarter worth about $535,000. Institutional investors own 13.40% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on KC. Nomura raised shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 price objective for the company in a research note on Monday, May 5th. Nomura Securities raised shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th.

Kingsoft Cloud Trading Up 2.7%

NASDAQ KC traded up $0.34 during trading on Monday, hitting $12.77. The stock had a trading volume of 2,091,258 shares, compared to its average volume of 2,836,804. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of -10.64 and a beta of 2.12. Kingsoft Cloud Holdings Limited has a one year low of $2.02 and a one year high of $22.26. The stock has a 50 day simple moving average of $12.95 and a 200 day simple moving average of $13.24.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last issued its earnings results on Wednesday, March 19th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.06. The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.11 billion. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 19.13%. The company's quarterly revenue was up 29.6% compared to the same quarter last year. During the same period last year, the company posted $0.08 earnings per share. Sell-side analysts predict that Kingsoft Cloud Holdings Limited will post -0.63 earnings per share for the current year.

About Kingsoft Cloud

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.