VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $11.43, but opened at $11.85. VNET Group shares last traded at $11.38, with a volume of 1,615,573 shares changing hands.

Analysts Set New Price Targets

VNET has been the topic of several research reports. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group increased their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. Finally, Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, VNET Group presently has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Stock Down 7.6 %

The firm’s 50 day moving average price is $8.86 and its 200-day moving average price is $5.43. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a market cap of $2.83 billion, a P/E ratio of -4.95, a price-to-earnings-growth ratio of 1.01 and a beta of 0.06.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. As a group, equities research analysts expect that VNET Group, Inc. will post -0.06 EPS for the current year.

Institutional Investors Weigh In On VNET Group

Institutional investors have recently made changes to their positions in the stock. Barclays PLC boosted its holdings in VNET Group by 229.3% during the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock worth $34,000 after buying an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group in the 4th quarter valued at approximately $41,000. Catalina Capital Group LLC bought a new position in VNET Group during the 4th quarter worth approximately $54,000. Wolverine Trading LLC acquired a new position in VNET Group during the third quarter valued at approximately $46,000. Finally, Hsbc Holdings PLC acquired a new position in VNET Group during the fourth quarter valued at approximately $66,000. 72.83% of the stock is owned by institutional investors and hedge funds.

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.