Cloopen Group Holding Limited (NYSE:RAAS) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 429,500 shares, a decline of 66.7% from the August 15th total of 1,290,000 shares. Based on an average daily trading volume, of 1,630,000 shares, the days-to-cover ratio is currently 0.3 days.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RAAS. JPMorgan Chase & Co. purchased a new stake in Cloopen Group during the first quarter worth approximately $91,957,000. Ontario Teachers Pension Plan Board purchased a new stake in Cloopen Group during the second quarter worth approximately $12,720,000. Matthews International Capital Management LLC purchased a new position in shares of Cloopen Group in the first quarter valued at $13,852,000. CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Cloopen Group in the second quarter valued at $7,357,000. Finally, Barings LLC purchased a new position in shares of Cloopen Group in the first quarter valued at $10,676,000. Institutional investors own 6.60% of the company’s stock.
RAAS traded up $0.16 during trading on Friday, hitting $4.71. 554,615 shares of the company’s stock were exchanged, compared to its average volume of 3,111,466. Cloopen Group has a 1 year low of $4.01 and a 1 year high of $59.00. The stock has a 50 day moving average price of $5.00 and a 200 day moving average price of $9.34.
Cloopen Group Holding Limited, through its subsidiaries, provides cloud-based communications solutions in the People's Republic of China. The company offers a suite of cloud-based communications solutions, which include communications platform as a service solution that provides application programing interfaces and software development kits to embed messaging, voice call, audio and video, instant messaging, and other communications into enterprises' applications, services, and/or business processes; cloud-based contact centers, which offers RongCC and 7moor Cloud solutions; and cloud-based unified communications and collaborations, such as RongVideo that provides instant messaging, audio and video conferencing, and telephony solutions.
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