VNET Group (NASDAQ:VNET) Trading Up 6.4% – Here’s Why

VNET Group, Inc. (NASDAQ:VNET)’s share price was up 6.4% during mid-day trading on Wednesday . The company traded as high as $3.99 and last traded at $3.82. Approximately 1,077,813 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 1,565,771 shares. The stock had previously closed at $3.59.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Citigroup assumed coverage on shares of VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price for the company. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $3.10 to $5.00 in a research note on Friday. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a report on Wednesday, October 9th. Finally, UBS Group boosted their price target on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Trading Up 7.5 %

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a 50-day simple moving average of $3.66 and a 200 day simple moving average of $2.70. The company has a market cap of $993.56 million, a price-to-earnings ratio of -1.74 and a beta of -0.27.

VNET Group (NASDAQ:VNET) last released its earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $274.35 million during the quarter, compared to the consensus estimate of $266.56 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. As a group, equities research analysts predict that VNET Group, Inc. will post -0.01 EPS for the current fiscal year.

Institutional Trading of VNET Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Millennium Management LLC increased its stake in shares of VNET Group by 89.1% in the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after acquiring an additional 1,400,683 shares during the period. Inspire Investing LLC purchased a new stake in VNET Group in the third quarter valued at $1,092,000. Geode Capital Management LLC grew its position in 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 period. Anson Funds Management LP raised its stake in shares of VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after buying an additional 206,580 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of VNET Group during the 3rd quarter valued at about $519,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

About VNET Group

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.