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

Kingsoft Cloud (NASDAQ:KC) issued its quarterly earnings results on Tuesday. The company reported ($1.50) EPS for the quarter, missing the Zacks’ 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 company had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the business posted ($0.07) EPS. The firm’s revenue for the quarter was up 39.6% on a year-over-year basis.

Shares of NASDAQ:KC traded down $0.40 during midday trading on Thursday, hitting $19.31. 1,979,667 shares of the stock were exchanged, compared to its average volume of 1,521,916. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -35.11 and a beta of 1.41. The business’s 50-day moving average price is $26.17 and its 200 day moving average price is $30.35. Kingsoft Cloud has a 12 month low of $17.37 and a 12 month high of $74.67.

Several large investors have recently added to or reduced their stakes in KC. Morgan Stanley lifted its stake in shares of Kingsoft Cloud by 269.2% in the second quarter. Morgan Stanley now owns 1,339,073 shares of the company’s stock worth $45,435,000 after acquiring an additional 976,378 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of 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 worth $1,799,000 after acquiring an additional 11,293 shares during the period. Finally, Royal Bank of Canada acquired a new position in shares of Kingsoft Cloud in the third quarter worth approximately $27,000. Institutional investors own 29.16% of the company’s stock.

A number of research firms have issued reports on KC. 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 research report on Wednesday, September 29th. Citigroup decreased 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. Zacks Investment Research cut Kingsoft Cloud from a “hold” rating to a “sell” rating in a research report on Thursday, October 28th. Finally, Nomura cut Kingsoft Cloud from a “buy” rating to a “neutral” rating and decreased their target price for the company from $45.00 to $33.00 in a research report on Wednesday, September 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Kingsoft Cloud has a consensus rating of “Hold” and an average target price of $51.00.

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.

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Earnings History for Kingsoft Cloud (NASDAQ:KC)

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