VNET Group (NASDAQ:VNET) Trading 5.5% Higher – Here’s Why

VNET Group, Inc. (NASDAQ:VNET)’s share price shot up 5.5% on Monday . The stock traded as high as $4.03 and last traded at $4.03. 233,073 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 1,508,027 shares. The stock had previously closed at $3.82.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Citigroup began coverage on VNET Group in a report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $3.97.

VNET Group Trading Up 1.8 %

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.47. The stock’s 50-day moving average is $2.91 and its 200 day moving average is $2.30.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $274.35 million for 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%. On average, equities research analysts predict that VNET Group, Inc. will post 0.02 EPS for the current year.

Institutional Investors Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Catalina Capital Group LLC bought a new stake in shares of VNET Group in the 1st quarter valued at approximately $26,000. Ballentine Partners LLC bought a new stake in VNET Group in the second quarter worth approximately $36,000. AXA S.A. bought a new stake in VNET Group in the second quarter worth approximately $65,000. Headlands Technologies LLC increased its stake in shares of VNET Group by 1,199.7% during the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 39,050 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of VNET Group during the 3rd quarter valued at $262,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.