Kingsoft Cloud (NASDAQ:KC) Announces Quarterly Earnings Results, Misses Expectations By $1.24 EPS

Kingsoft Cloud (NASDAQ:KC) posted its quarterly earnings data on Tuesday. The company reported ($1.50) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($1.24), Fidelity Earnings reports. Kingsoft Cloud had a negative return on equity of 10.07% and a negative net margin of 10.68%. The firm had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. The company’s quarterly revenue was up 39.6% on a year-over-year basis.

Shares of KC traded down $0.40 during mid-day trading on Thursday, hitting $19.31. The company’s stock had a trading volume of 1,979,667 shares, compared to its average volume of 1,521,916. The firm has a 50-day moving average price of $26.17 and a 200 day moving average price of $30.35. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -35.11 and a beta of 1.41. Kingsoft Cloud has a fifty-two week low of $17.37 and a fifty-two week high of $74.67.

A number of research analysts have weighed in on KC shares. Zacks Investment Research lowered shares of Kingsoft Cloud from a “hold” rating to a “sell” rating in a research note on Thursday, October 28th. Nomura Instinet reiterated a “neutral” rating and issued a $33.00 target price (down previously from $45.00) on shares of Kingsoft Cloud in a report on Wednesday, September 29th. Nomura downgraded shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $45.00 to $33.00 in a research note on Wednesday, September 29th. Finally, Citigroup lowered their target price on shares of Kingsoft Cloud from $50.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, October 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $51.00.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada bought a new stake in Kingsoft Cloud in the 3rd quarter valued at $27,000. Bank of New York Mellon Corp raised its position in shares of Kingsoft Cloud by 21.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 63,525 shares of the company’s stock valued at $1,799,000 after acquiring an additional 11,293 shares during the period. Finally, Morgan Stanley increased its stake in Kingsoft Cloud by 269.2% during the 2nd quarter. Morgan Stanley now owns 1,339,073 shares of the company’s stock worth $45,435,000 after purchasing an additional 976,378 shares in the last quarter. 29.16% of the stock is currently owned by hedge funds and other institutional investors.

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; enterprise cloud services to customers in financial service, public service, and healthcare business, and others.

Read More: What is Call Option Volume?

Earnings History for Kingsoft Cloud (NASDAQ:KC)

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.