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

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

Shares of KC stock traded down $0.40 on Thursday, reaching $19.31. The company’s stock had a trading volume of 1,979,667 shares, compared to its average volume of 1,521,916. Kingsoft Cloud has a 12-month low of $17.37 and a 12-month high of $74.67. The company has a market capitalization of $4.32 billion, a P/E ratio of -35.11 and a beta of 1.41. The stock’s 50 day simple moving average is $26.17 and its 200-day simple moving average is $30.35.

Several hedge funds have recently modified their holdings of KC. Royal Bank of Canada bought a new position in Kingsoft Cloud in the third quarter valued at $27,000. Bank of New York Mellon Corp increased its stake in Kingsoft Cloud by 21.6% in the third 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 last quarter. Finally, Morgan Stanley increased its stake in Kingsoft Cloud by 269.2% in the second quarter. Morgan Stanley now owns 1,339,073 shares of the company’s stock valued at $45,435,000 after acquiring an additional 976,378 shares during the last quarter. Institutional investors own 29.16% of the company’s stock.

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

Kingsoft Cloud Company Profile

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.

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Earnings History for Kingsoft Cloud (NASDAQ:KC)

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