Mirae Asset Global Investments Co. Ltd. Sells 7,408 Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC) by 29.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,349 shares of the company’s stock after selling 7,408 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Kingsoft Cloud were worth $51,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Swedbank AB purchased a new stake in Kingsoft Cloud in the 1st quarter valued at $649,000. SG Americas Securities LLC bought a new position in Kingsoft Cloud in the 3rd quarter valued at $47,000. Headlands Technologies LLC grew its stake in Kingsoft Cloud by 313.9% in the 2nd quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock valued at $83,000 after purchasing an additional 24,932 shares during the period. Blue Trust Inc. bought a new position in Kingsoft Cloud in the 2nd quarter valued at $36,000. Finally, Renaissance Technologies LLC grew its stake in Kingsoft Cloud by 4.0% in the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock valued at $1,156,000 after purchasing an additional 17,700 shares during the period. 13.40% of the stock is owned by institutional investors and hedge funds.

Kingsoft Cloud Price Performance

Shares of KC stock opened at $3.31 on Wednesday. The stock has a market cap of $839.71 million, a price-to-earnings ratio of -3.21 and a beta of 2.00. The business’s fifty day moving average is $2.71 and its 200 day moving average is $2.75. Kingsoft Cloud Holdings Limited has a twelve month low of $2.02 and a twelve month high of $5.80. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.03.

Kingsoft Cloud (NASDAQ:KC) last released its earnings results on Tuesday, August 20th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $260.32 million during the quarter, compared to analysts’ expectations of $251.17 million. Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. Research analysts expect that Kingsoft Cloud Holdings Limited will post -0.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Bank of America reduced their price objective on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Kingsoft Cloud has a consensus rating of “Moderate Buy” and a consensus target price of $4.10.

Kingsoft Cloud 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.