Kingsoft Cloud (NASDAQ:KC) Issues Earnings Results

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

NASDAQ KC traded down $0.40 during mid-day trading on Thursday, reaching $19.31. 1,979,667 shares of the stock were exchanged, 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 business’s fifty day simple moving average is $25.95 and its 200 day simple moving average is $30.27. The stock has a market capitalization of $4.32 billion, a PE ratio of -35.11 and a beta of 1.41.

KC has been the subject of a number of research analyst reports. Nomura Instinet reaffirmed a “neutral” rating and issued a $33.00 target price (down from $45.00) on shares of Kingsoft Cloud in a report on Wednesday, September 29th. Citigroup dropped their price objective on shares of Kingsoft Cloud from $50.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, October 26th. Nomura cut shares of Kingsoft Cloud from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $45.00 to $33.00 in a research note on Wednesday, September 29th. Finally, Zacks Investment Research cut shares of Kingsoft Cloud from a “hold” rating to a “sell” rating in a research note on Thursday, October 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Kingsoft Cloud currently has an average rating of “Hold” and an average price target of $51.00.

A number of hedge funds and other institutional investors have recently made changes to their positions in KC. Royal Bank of Canada acquired a new stake in Kingsoft Cloud during the third quarter worth approximately $27,000. Bank of New York Mellon Corp boosted its position in Kingsoft Cloud by 21.6% during 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 last quarter. Finally, Morgan Stanley boosted its position in Kingsoft Cloud by 269.2% during 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 last quarter. Hedge funds and other institutional investors own 29.16% of the company’s stock.

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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