VNET Group (NASDAQ:VNET) Upgraded by The Goldman Sachs Group to Buy Rating

The Goldman Sachs Group upgraded shares of VNET Group (NASDAQ:VNET) from a neutral rating to a buy rating in a research note released on Friday, Marketbeat.com reports. The firm currently has $5.00 price target on the information technology services provider’s stock, up from their previous price target of $3.10.

Other equities analysts have also issued reports about the company. UBS Group raised their price target on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday. Citigroup assumed coverage on VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, VNET Group presently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Price Performance

NASDAQ VNET opened at $3.88 on Friday. The company has a market cap of $998.70 million, a PE ratio of -1.75 and a beta of -0.27. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm’s 50-day simple moving average is $3.68 and its two-hundred day simple moving average is $2.71. VNET Group has a 52 week low of $1.39 and a 52 week high of $4.50.

VNET Group (NASDAQ:VNET) last released its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The company had revenue of $274.35 million during the quarter, compared to the consensus estimate of $266.56 million. Research analysts predict that VNET Group will post -0.01 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

Hedge funds have recently bought and sold shares of the stock. Wolverine Trading LLC bought a new stake in shares of VNET Group during the 3rd quarter worth $46,000. Ballentine Partners LLC bought a new stake in shares of VNET Group in the 2nd quarter worth approximately $36,000. Walleye Capital LLC purchased a new stake in shares of VNET Group in the 3rd quarter valued at $115,000. AXA S.A. bought a new position in shares of VNET Group during the 2nd quarter valued at $65,000. Finally, Blue Trust Inc. raised its position in VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after purchasing an additional 37,322 shares during the period. 72.83% of the stock is currently owned by institutional investors.

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.