VNET Group (NASDAQ:VNET) Shares Up 6% – Still a Buy?

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) were up 6% during trading on Tuesday . The stock traded as high as $11.85 and last traded at $11.5290. Approximately 1,943,468 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 6,030,953 shares. The stock had previously closed at $10.88.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research report on Monday, December 29th. Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.30.

VNET Group Stock Performance

The company’s 50-day moving average price is $9.31 and its two-hundred day moving average price is $9.10. The company has a debt-to-equity ratio of 2.88, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $3.05 billion, a PE ratio of -37.75, a PEG ratio of 0.84 and a beta of -0.02.

VNET Group (NASDAQ:VNET) last released its earnings results on Thursday, November 20th. The information technology services provider reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02. VNET Group had a negative net margin of 5.99% and a negative return on equity of 3.42%. The company had revenue of $362.63 million for the quarter, compared to analyst estimates of $335.87 million. On average, equities research analysts forecast that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in VNET. Infini Capital Management Ltd boosted its position in VNET Group by 39.2% in the second quarter. Infini Capital Management Ltd now owns 9,758,083 shares of the information technology services provider’s stock worth $67,331,000 after purchasing an additional 2,747,661 shares during the last quarter. Norges Bank purchased a new stake in VNET Group during the 2nd quarter valued at approximately $54,199,000. Oxbow Capital Management HK Ltd raised its position in shares of VNET Group by 64.3% during the second quarter. Oxbow Capital Management HK Ltd now owns 5,750,000 shares of the information technology services provider’s stock valued at $39,675,000 after buying an additional 2,250,000 shares during the last quarter. Farallon Capital Management LLC lifted its holdings in shares of VNET Group by 83.3% in the third quarter. Farallon Capital Management LLC now owns 5,489,120 shares of the information technology services provider’s stock worth $56,703,000 after buying an additional 2,495,000 shares in the last quarter. Finally, UBS Group AG grew its stake in VNET Group by 73.2% during the third quarter. UBS Group AG now owns 4,283,660 shares of the information technology services provider’s stock valued at $44,250,000 after acquiring an additional 1,809,987 shares in the last quarter. Institutional investors own 72.83% of the company’s stock.

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.