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

KORE Group (NYSE:KORE) released its quarterly earnings data 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 firm had revenue of $73.86 million for the quarter, compared to analysts’ expectations of $70.50 million.

KORE Group Stock Performance

KORE stock opened at $9.00 on Tuesday. KORE Group has a one year low of $2.00 and a one year high of $9.02. The firm’s fifty day moving average is $6.74 and its 200 day moving average is $4.82. The firm has a market cap of $157.77 million, a PE ratio of -2.51 and a beta of 1.58.

Institutional Investors Weigh In On KORE Group

Hedge funds have recently modified their holdings of the company. One68 Global Capital LLC purchased a new stake in shares of KORE Group during the fourth quarter worth approximately $59,000. Citadel Advisors LLC acquired a new stake in KORE Group during the 3rd quarter worth $30,000. State Street Corp boosted 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 worth $123,000 after purchasing an additional 5,500 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of KORE Group by 14.5% during the fourth quarter. Renaissance Technologies LLC now owns 35,441 shares of the company’s stock worth $150,000 after buying an additional 4,500 shares in the last quarter. 57.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on KORE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of KORE Group in a report on Friday. Wall Street Zen upgraded KORE Group to a “hold” rating in a research note on Saturday, January 17th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $4.00.

About KORE Group

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.