KORE Group (NYSE:KORE) Posts Earnings Results, Misses Estimates 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 the consensus estimate of ($0.53) by ($2.31), FiscalAI reports. The company had revenue of $73.86 million for the quarter, compared to the consensus estimate of $70.50 million.

KORE Group Price Performance

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

Institutional Investors Weigh In On KORE Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC purchased a new stake in KORE Group during the third quarter valued at about $30,000. Renaissance Technologies LLC boosted its position in 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 purchasing an additional 4,500 shares during the period. State Street Corp increased its stake in shares of KORE Group by 23.2% in the fourth quarter. State Street Corp now owns 29,217 shares of the company’s stock worth $123,000 after purchasing an additional 5,500 shares in the last quarter. Finally, One68 Global Capital LLC bought a new stake in shares of KORE Group in the fourth quarter valued at approximately $59,000. 57.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

KORE has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of KORE Group in a research note on Friday. Wall Street Zen upgraded shares of 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. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average 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.