OLD Mission Capital LLC bought a new stake in Kingsoft Cloud Holdings Limited (NASDAQ:KC – Get Rating) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 94,576 shares of the company’s stock, valued at approximately $421,000.
Other institutional investors have also added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Kingsoft Cloud by 353.9% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 63,165 shares of the company’s stock worth $325,000 after buying an additional 49,250 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Kingsoft Cloud by 142.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 113,445 shares of the company’s stock worth $689,000 after buying an additional 66,714 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Kingsoft Cloud by 62.4% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 206,585 shares of the company’s stock worth $1,254,000 after buying an additional 79,376 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of Kingsoft Cloud by 330.2% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 59,411 shares of the company’s stock worth $361,000 after buying an additional 45,600 shares in the last quarter. Finally, Beaumont Financial Partners LLC bought a new position in shares of Kingsoft Cloud during the 1st quarter worth approximately $78,000. 22.87% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Separately, Citigroup lowered Kingsoft Cloud from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $8.50 to $3.00 in a research report on Wednesday, September 7th.
Kingsoft Cloud Stock Down 5.9 %
Kingsoft Cloud (NASDAQ:KC – Get Rating) last issued its earnings results on Tuesday, September 6th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.20). The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $2.03 billion. Kingsoft Cloud had a negative return on equity of 20.59% and a negative net margin of 25.43%. Kingsoft Cloud’s revenue for the quarter was down 12.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.15) earnings per share.
About Kingsoft Cloud
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; and enterprise cloud services to customers in financial service, public service, and healthcare businesses.
- Get a free copy of the StockNews.com research report on Kingsoft Cloud (KC)
- Is Triple-Digit Growth Ahead For Digital Ad Platform Trade Desk?
- EV Maker Lucid Falls On Declining Orders, Rivian Up On Guidance
- DoorDash Outperforms Despite Losses – Is It Time To Buy?
- Analysts Rate DraftKings a Moderate Buy As Growth Slows
- Goodyear Tire & Rubber Stock is Becoming a Mighty Good Bargain
Receive News & Ratings for Kingsoft Cloud Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kingsoft Cloud and related companies with MarketBeat.com's FREE daily email newsletter.