VNET Group (NASDAQ:VNET) Trading Up 9.7% – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) shares shot up 9.7% during trading on Wednesday . The stock traded as high as $8.76 and last traded at $8.8190. 2,372,828 shares changed hands during trading, a decline of 67% from the average daily volume of 7,149,912 shares. The stock had previously closed at $8.04.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on VNET shares. Jefferies Financial Group reissued a “buy” rating and set a $24.79 target price on shares of VNET Group in a research note on Tuesday, May 26th. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Morgan Stanley reissued an “overweight” rating and set a $16.00 price target on shares of VNET Group in a research report on Wednesday, May 27th. Wall Street Zen cut shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.03.

VNET Group Trading Up 12.4%

The company has a fifty day simple moving average of $9.22 and a two-hundred day simple moving average of $9.73. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 3.99. The company has a market cap of $2.44 billion, a PE ratio of -6.59 and a beta of 0.25.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($1.17). VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. The company had revenue of $390.32 million during the quarter, compared to analysts’ expectations of $388.47 million. Analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.24 EPS for the current year.

Insider Transactions at VNET Group

In other VNET Group news, Director Sean Shao sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.71, for a total transaction of $102,600.00. Following the completion of the transaction, the director owned 983,820 shares in the company, valued at $1,682,332.20. The trade was a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 12.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On VNET Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VNET. Geode Capital Management LLC increased its stake in VNET Group by 3.2% in the second quarter. Geode Capital Management LLC now owns 241,964 shares of the information technology services provider’s stock valued at $1,670,000 after purchasing an additional 7,489 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of VNET Group by 1,201.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 511,417 shares of the information technology services provider’s stock valued at $3,529,000 after buying an additional 472,115 shares in the last quarter. Quantbot Technologies LP grew its position in shares of VNET Group by 333.0% in the 2nd quarter. Quantbot Technologies LP now owns 18,805 shares of the information technology services provider’s stock valued at $130,000 after buying an additional 14,462 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 1,426 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new stake in VNET Group during the 2nd quarter worth $3,568,000. 72.83% of the stock is owned by institutional investors and hedge funds.

VNET Group Company Profile

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.