Kingsoft Cloud (NASDAQ:KC) Issues Quarterly Earnings Results

Kingsoft Cloud (NASDAQ:KC) announced its quarterly earnings results on Tuesday. The company reported ($1.50) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($1.24), Fidelity Earnings reports. The firm had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Kingsoft Cloud had a negative return on equity of 10.07% and a negative net margin of 10.68%. Kingsoft Cloud’s revenue was up 39.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS.

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

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised its holdings 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 acquiring an additional 11,293 shares during the last quarter. Royal Bank of Canada acquired a new position in Kingsoft Cloud in the 3rd quarter valued at $27,000. Finally, Morgan Stanley raised its holdings 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 acquiring an additional 976,378 shares during the last quarter. Institutional investors own 29.16% of the company’s stock.

Several equities research analysts have recently commented on KC shares. Nomura lowered Kingsoft Cloud from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $45.00 to $33.00 in a research note on Wednesday, September 29th. Citigroup decreased their price target on 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 reissued a “neutral” rating and set a $33.00 price target (down previously from $45.00) on shares of Kingsoft Cloud in a research note on Wednesday, September 29th. Finally, Zacks Investment Research lowered Kingsoft Cloud from a “hold” rating to a “sell” rating in a research note on Thursday, October 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Kingsoft Cloud has a consensus rating of “Hold” and an average target price 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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