Cheetah Mobile Inc Sees Large Volume Increase on Earnings Beat (CMCM)
Shares of Cheetah Mobile Inc (NASDAQ:CMCM) saw strong trading volume on Tuesday following a stronger than expected earnings report, StockRatingsNetwork.com reports. 2,258,339 shares traded hands during mid-day trading, an increase of 117% from the previous session’s volume of 1,041,381 shares.The stock last traded at $26.54 and had previously closed at $26.90.
The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.51. The company had revenue of $380.30 million for the quarter, compared to the consensus estimate of $158.90 million. The company’s revenue for the quarter was up 139.3% on a year-over-year basis.
CMCM has been the subject of a number of recent research reports. Analysts at Citigroup Inc. initiated coverage on shares of Cheetah Mobile Inc in a research note on Thursday, July 24th. They set a “buy” rating on the stock. Separately, analysts at Macquarie initiated coverage on shares of Cheetah Mobile Inc in a research note on Monday, July 14th. They set an “outperform” rating on the stock. Finally, analysts at Oppenheimer initiated coverage on shares of Cheetah Mobile Inc in a research note on Thursday, June 12th. They set an “outperform” rating and a $23.00 price target on the stock.
The stock has a 50-day moving average of $21.58 and a 200-day moving average of $19.68. The company has a market cap of $2.516 billion and a P/E ratio of 363.51.
Cheetah Mobile Inc, formerly Kingsoft Internet Software Holdings Limited, is a holding company. The Company is a wholly owned subsidiary of Kingsoft Corporation Limited.
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