Millennium Management LLC Buys 873,686 Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC)

Millennium Management LLC increased its stake in Kingsoft Cloud Holdings Limited (NASDAQ:KC - Free Report) by 4,098.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 895,004 shares of the company's stock after acquiring an additional 873,686 shares during the period. Millennium Management LLC owned approximately 0.35% of Kingsoft Cloud worth $9,389,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Kingsoft Cloud by 10.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 331,196 shares of the company's stock valued at $3,474,000 after buying an additional 30,350 shares in the last quarter. Deutsche Bank AG lifted its position in Kingsoft Cloud by 65.3% during the fourth quarter. Deutsche Bank AG now owns 221,384 shares of the company's stock valued at $2,322,000 after buying an additional 87,440 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Kingsoft Cloud during the fourth quarter valued at approximately $21,076,000. Cetera Investment Advisers acquired a new position in Kingsoft Cloud during the fourth quarter valued at approximately $138,000. Finally, Centiva Capital LP acquired a new position in Kingsoft Cloud during the fourth quarter valued at approximately $658,000. 13.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on KC shares. Nomura upgraded shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 price objective on the stock in a research note on Monday, May 5th. Nomura Securities upgraded shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th.

Kingsoft Cloud Price Performance

Shares of KC traded down $1.02 during midday trading on Wednesday, reaching $11.88. The stock had a trading volume of 3,518,850 shares, compared to its average volume of 2,766,155. The firm's 50 day moving average price is $13.50 and its 200-day moving average price is $12.55. Kingsoft Cloud Holdings Limited has a 52 week low of $2.02 and a 52 week high of $22.26. The company has a market capitalization of $3.27 billion, a P/E ratio of -9.90 and a beta of 2.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67.

Kingsoft Cloud (NASDAQ:KC - Get Free Report) last posted its quarterly earnings results on Wednesday, March 19th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.06. The firm 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 firm's quarterly revenue was up 29.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.08 earnings per share. On average, analysts forecast that Kingsoft Cloud Holdings Limited will post -0.63 earnings per share for the current fiscal 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.