KORE Group (NYSE:KORE) Issues Earnings Results, Misses Expectations By $2.31 EPS

KORE Group (NYSE:KORE) posted its quarterly earnings results on Monday. The company reported ($2.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($2.31), FiscalAI reports. The company had revenue of $73.86 million during the quarter, compared to analyst estimates of $70.50 million.

KORE Group Stock Performance

Shares of KORE opened at $9.00 on Tuesday. The firm has a market capitalization of $157.77 million, a P/E ratio of -2.51 and a beta of 1.58. KORE Group has a 52 week low of $2.00 and a 52 week high of $9.02. The stock has a 50 day moving average price of $6.74 and a two-hundred day moving average price of $4.82.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of KORE. One68 Global Capital LLC purchased a new stake in KORE Group in the 4th quarter valued at $59,000. State Street Corp lifted its stake in KORE Group by 23.2% during the 4th quarter. State Street Corp now owns 29,217 shares of the company’s stock valued at $123,000 after acquiring an additional 5,500 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in KORE Group by 14.5% during the 4th quarter. Renaissance Technologies LLC now owns 35,441 shares of the company’s stock worth $150,000 after acquiring an additional 4,500 shares during the last quarter. Finally, Citadel Advisors LLC bought a new stake in shares of KORE Group in the 3rd quarter worth $30,000. Hedge funds and other institutional investors own 57.45% of the company’s stock.

Analyst Upgrades and Downgrades

KORE has been the subject of a number of research reports. Wall Street Zen raised KORE Group to a “hold” rating in a research note on Saturday, January 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of KORE Group in a report on Friday. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $4.00.

KORE Group Company Profile

KORE Group (NYSE: KORE) is a global provider of Internet of Things (IoT) connectivity and managed services, helping enterprises deploy, secure and scale their IoT applications. The company offers a comprehensive suite of solutions that includes cellular, satellite and Low-Power Wide-Area Network (LPWAN) connectivity, multi-network SIM management, eSIM provisioning and cloud-based IoT platforms. Through its unified approach, KORE enables businesses to streamline the complexities of device onboarding, monitoring and lifecycle management across diverse geographies.

Founded in 2002 and headquartered in Atlanta, Georgia, KORE has grown through a combination of organic innovation and strategic acquisitions to become one of the world’s largest independent IoT service providers.