Kingsoft Cloud (NASDAQ:KC) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Kingsoft Cloud (NASDAQ:KC - Get Free Report) released its earnings results on Wednesday. The company reported ($0.08) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01, Briefing.com reports. Kingsoft Cloud had a negative net margin of 28.41% and a negative return on equity of 19.13%. The firm had revenue of $271.38 million for the quarter, compared to analysts' expectations of $2.20 billion. During the same period in the previous year, the company earned ($0.10) earnings per share. The company's quarterly revenue was up 10.9% on a year-over-year basis.

Kingsoft Cloud Price Performance

KC stock traded down $0.75 during mid-day trading on Friday, hitting $11.06. The company had a trading volume of 2,410,119 shares, compared to its average volume of 2,792,030. The company has a 50-day moving average price of $13.26 and a 200 day moving average price of $12.70. Kingsoft Cloud has a 12-month low of $2.02 and a 12-month high of $22.26. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of -9.22 and a beta of 2.24. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.10.

Analyst Upgrades and Downgrades

Several research firms have weighed in on KC. Nomura Securities raised shares of Kingsoft Cloud from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Nomura raised shares of Kingsoft Cloud from a "neutral" rating to a "buy" rating and set a $18.30 target price on the stock in a research note on Monday, May 5th.

Hedge Funds Weigh In On Kingsoft Cloud

A hedge fund recently raised its stake in Kingsoft Cloud stock. Goldman Sachs Group Inc. grew its holdings in Kingsoft Cloud Holdings Limited (NASDAQ:KC - Free Report) by 9.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,634 shares of the company's stock after purchasing an additional 11,720 shares during the quarter. Goldman Sachs Group Inc.'s holdings in Kingsoft Cloud were worth $1,919,000 as of its most recent SEC filing. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

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.