Cloopen Group (NYSE:RAAS) Trading Down 5.6%

Cloopen Group Holding Limited (NYSE:RAASGet Rating)’s stock price dropped 5.6% during mid-day trading on Tuesday . The stock traded as low as $0.91 and last traded at $1.01. Approximately 174,965 shares were traded during trading, a decline of 67% from the average daily volume of 531,360 shares. The stock had previously closed at $1.07.

Cloopen Group Price Performance

The stock has a market cap of $159.85 million, a P/E ratio of -0.06 and a beta of -0.61. The company has a 50 day simple moving average of $0.96 and a 200-day simple moving average of $1.49.

Hedge Funds Weigh In On Cloopen Group

A number of institutional investors have recently modified their holdings of RAAS. Renaissance Technologies LLC grew its stake in Cloopen Group by 111.1% during the 1st quarter. Renaissance Technologies LLC now owns 391,600 shares of the company’s stock valued at $674,000 after acquiring an additional 206,100 shares in the last quarter. State Street Corp increased its position in shares of Cloopen Group by 17.1% in the 1st quarter. State Street Corp now owns 299,048 shares of the company’s stock valued at $514,000 after purchasing an additional 43,767 shares during the last quarter. Bank of America Corp DE grew its position in shares of Cloopen Group by 417.0% in the 1st quarter. Bank of America Corp DE now owns 229,593 shares of the company’s stock valued at $395,000 after buying an additional 185,185 shares during the last quarter. Vident Investment Advisory LLC lifted its stake in shares of Cloopen Group by 112.4% in the 1st quarter. Vident Investment Advisory LLC now owns 132,176 shares of the company’s stock worth $227,000 after acquiring an additional 69,958 shares during the period. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Cloopen Group in the first quarter valued at about $169,000. 3.18% of the stock is owned by hedge funds and other institutional investors.

About Cloopen Group

(Get Rating)

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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