Kingsoft Cloud (NASDAQ:KC) Posts Earnings Results, Beats Expectations By $0.06 EPS

Kingsoft Cloud (NASDAQ:KC) posted its quarterly earnings results on Wednesday. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.06, Zacks reports. Kingsoft Cloud had a negative net margin of 24.26% and a negative return on equity of 18.02%. The business had revenue of $347.85 million for the quarter, compared to analyst estimates of $346.37 million. During the same quarter last year, the business posted ($0.29) EPS. The firm’s revenue for the quarter was up 31.4% on a year-over-year basis.

Kingsoft Cloud Price Performance

Kingsoft Cloud stock opened at $12.45 on Wednesday. The stock has a 50-day moving average price of $13.93 and a two-hundred day moving average price of $13.64. Kingsoft Cloud has a 12 month low of $4.30 and a 12 month high of $22.26. The company has a market capitalization of $3.76 billion, a PE ratio of -10.92 and a beta of 2.14. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.34.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Kingsoft Cloud during the 3rd quarter worth approximately $908,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Kingsoft Cloud during the third quarter valued at $526,000. Squarepoint Ops LLC lifted its holdings in shares of Kingsoft Cloud by 29.9% during the third quarter. Squarepoint Ops LLC now owns 117,755 shares of the company’s stock worth $1,757,000 after purchasing an additional 27,132 shares during the period. Barclays PLC grew its stake in shares of Kingsoft Cloud by 12.5% in the third quarter. Barclays PLC now owns 113,338 shares of the company’s stock worth $1,691,000 after purchasing an additional 12,563 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its holdings in Kingsoft Cloud by 28.5% in the second quarter. Diversify Wealth Management LLC now owns 66,274 shares of the company’s stock valued at $887,000 after purchasing an additional 14,683 shares during the period. Institutional investors own 13.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Kingsoft Cloud from a “sell” rating to a “hold” rating in a research note on Sunday, August 24th. Deutsche Bank Aktiengesellschaft assumed coverage on Kingsoft Cloud in a research report on Tuesday, September 16th. They set a “buy” rating and a $21.00 price objective for the company. Zacks Research raised Kingsoft Cloud from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Kingsoft Cloud in a research note on Wednesday, October 8th. Finally, Bank of America upgraded shares of Kingsoft Cloud from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.27.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations primarily in China. The company's products portfolio includes cloud products, including infrastructure as a service (IaaS) infrastructure, platform as a service (PaaS) middleware, and software as a service (SaaS) applications that primarily consist of cloud computing, network, database, big data, security, storage, and delivery solutions.