VNET Group (NASDAQ:VNET) Releases Quarterly Earnings Results, Misses Expectations By $0.11 EPS

VNET Group (NASDAQ:VNET) announced its earnings results on Wednesday. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11), Zacks reports. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The business had revenue of $309.52 million for the quarter, compared to analysts’ expectations of $2.22 billion. During the same period in the previous year, the firm posted ($0.28) earnings per share.

VNET Group Trading Up 1.3%

Shares of VNET Group stock opened at $5.46 on Friday. The business has a fifty day simple moving average of $6.28 and a 200-day simple moving average of $6.82. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -2.46, a price-to-earnings-growth ratio of 1.01 and a beta of 0.14. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group has a fifty-two week low of $1.71 and a fifty-two week high of $16.13.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VNET. Citigroup upped their price target on shares of VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a report on Friday, March 14th. Nomura Securities upgraded VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. Finally, Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and two have 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 $9.30.

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.