VNET Group (NASDAQ:VNET) Rating Increased to Buy at HSBC

VNET Group (NASDAQ:VNET) was upgraded by equities research analysts at HSBC from a “hold” rating to a “buy” rating in a report issued on Wednesday, Marketbeat reports. The firm presently has a $5.20 price objective on the information technology services provider’s stock. HSBC’s price target suggests a potential upside of 33.33% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Citigroup initiated coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, VNET Group currently has a consensus rating of “Buy” and an average price target of $3.97.

VNET Group Stock Performance

NASDAQ VNET opened at $3.90 on Wednesday. The company’s 50 day simple moving average is $2.80 and its two-hundred day simple moving average is $2.25. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.87. VNET Group has a 1 year low of $1.39 and a 1 year high of $4.50. The stock has a market capitalization of $1.00 billion, a PE ratio of -1.48, a P/E/G ratio of 8.72 and a beta of -0.30.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The company had revenue of $274.35 million during the quarter, compared to the consensus estimate of $266.56 million. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. Analysts predict that VNET Group will post 0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Several large investors have recently bought and sold shares of the business. Virtu Financial LLC grew its stake in shares of VNET Group by 135.9% in the 4th quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock worth $293,000 after buying an additional 58,817 shares in the last quarter. Catalina Capital Group LLC purchased a new position in VNET Group in the first quarter worth about $26,000. Susquehanna Fundamental Investments LLC bought a new stake in VNET Group during the first quarter worth approximately $328,000. Headlands Technologies LLC raised its position in VNET Group by 1,199.7% during the first quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after purchasing an additional 39,050 shares during the period. Finally, Maso Capital Partners Ltd lifted its stake in shares of VNET Group by 15.6% in the 1st quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock valued at $2,873,000 after purchasing an additional 250,000 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

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.