VNET Group (NASDAQ:VNET) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of VNET Group (NASDAQ:VNET) from a sell rating to a hold rating in a report released on Sunday morning.

VNET Group Stock Up 14.1%

VNET Group stock opened at $9.04 on Friday. VNET Group has a 52 week low of $1.71 and a 52 week high of $16.13. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -904.00, a price-to-earnings-growth ratio of 1.49 and a beta of 0.14. The business’s 50-day moving average price is $6.32 and its 200 day moving average price is $7.43. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Wednesday, May 28th. The information technology services provider reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). The firm had revenue of $309.52 million for the quarter, compared to analyst estimates of $2.22 billion. VNET Group had a return on equity of 2.11% and a net margin of 1.66%. During the same period in the previous year, the business earned ($0.28) EPS. As a group, sell-side analysts anticipate that VNET Group will post -0.06 earnings per share for the current year.

VNET Group declared that its board has authorized a share repurchase plan on Friday, June 27th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the information technology services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in VNET Group by 111.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,197 shares of the information technology services provider’s stock worth $670,000 after purchasing an additional 42,710 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of VNET Group in the fourth quarter valued at approximately $66,000. Cetera Investment Advisers acquired a new position in shares of VNET Group during the 4th quarter worth approximately $102,000. Oppenheimer & Co. Inc. purchased a new position in shares of VNET Group during the 1st quarter valued at approximately $207,000. Finally, Barclays PLC grew its stake in VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 4,939 shares during the period. Institutional investors and hedge funds own 72.83% of the company’s stock.

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.