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

Kingsoft Cloud (NASDAQ:KC) announced its earnings results on Tuesday. The company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the business earned ($0.07) EPS. The company’s revenue for the quarter was up 39.6% compared to the same quarter last year.

KC stock traded down $0.40 during trading on Thursday, hitting $19.31. The company had a trading volume of 1,979,667 shares, compared to its average volume of 1,521,916. The stock has a market cap of $4.32 billion, a PE ratio of -35.11 and a beta of 1.41. Kingsoft Cloud has a one year low of $17.37 and a one year high of $74.67. The business has a 50-day moving average of $25.95 and a 200-day moving average of $30.27.

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

Several large investors have recently modified their holdings of KC. Morgan Stanley raised its position in Kingsoft Cloud by 269.2% in the 2nd quarter. Morgan Stanley now owns 1,339,073 shares of the company’s stock valued at $45,435,000 after buying an additional 976,378 shares during the last quarter. Royal Bank of Canada purchased a new stake in Kingsoft Cloud in the 3rd quarter valued at $27,000. Finally, Bank of New York Mellon Corp raised its position in 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 buying an additional 11,293 shares during the last quarter. 29.16% of the stock is currently owned by institutional investors.

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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