VNET Group (NASDAQ:VNET) Given New $7.00 Price Target at UBS Group

VNET Group (NASDAQ:VNET) had its target price upped by research analysts at UBS Group from $6.40 to $7.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. UBS Group’s price objective indicates a potential upside of 81.35% from the company’s current price.

A number of other equities analysts also recently issued reports on VNET. Citigroup started coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target on the stock. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Finally, HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, VNET Group has an average rating of “Buy” and an average target price of $4.73.

VNET Group Stock Performance

Shares of NASDAQ VNET opened at $3.86 on Friday. The company has a market capitalization of $993.56 million, a PE ratio of -1.74 and a beta of -0.27. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The company’s fifty day moving average price is $3.66 and its 200 day moving average price is $2.70. VNET Group has a 1 year low of $1.39 and a 1 year high of $4.50.

VNET Group (NASDAQ:VNET) last posted its earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.05. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The business had revenue of $274.35 million for the quarter, compared to analyst estimates of $266.56 million. On average, research analysts predict that VNET Group will post -0.01 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

A number of hedge funds have recently modified their holdings of the business. Virtu Financial LLC purchased a new stake in VNET Group during the 3rd quarter valued at about $519,000. Geode Capital Management LLC boosted its holdings in shares of VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after purchasing an additional 210,124 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of VNET Group in the third quarter valued at approximately $191,000. Anson Funds Management LP increased its holdings in shares of VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after purchasing an additional 206,580 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in VNET Group during the third quarter worth approximately $343,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

VNET Group Company Profile

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.