VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) Stock Has Consensus Target Price of $16.90 According to Brokerages

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) have earned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $16.90.

Several research firms have commented on VNET. Morgan Stanley reissued an “overweight” rating and set a $14.00 price target on shares of VNET Group in a research note on Wednesday, August 19th. Weiss Ratings lowered shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, September 1st. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of VNET Group in a research note on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price objective for the company.

Institutional Trading of VNET Group

Several hedge funds have recently added to or reduced their stakes in VNET. Asset Management One Co. Ltd. boosted its position in VNET Group by 26.7% during the third quarter. Asset Management One Co. Ltd. now owns 36,829 shares of the information technology services provider’s stock valued at $204,000 after buying an additional 7,752 shares during the period. Oppenheimer & Co. Inc. bought a new position in shares of VNET Group during the third quarter valued at about $62,000. Fifth Third Wealth Advisors LLC purchased a new position in shares of VNET Group in the third quarter worth about $147,000. SBI Securities Co. Ltd. increased its holdings in shares of VNET Group by 24.9% in the third quarter. SBI Securities Co. Ltd. now owns 25,723 shares of the information technology services provider’s stock worth $143,000 after buying an additional 5,128 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of VNET Group by 255.2% in the second quarter. Tidal Investments LLC now owns 332,025 shares of the information technology services provider’s stock worth $2,669,000 after buying an additional 238,541 shares during the period. 72.83% of the stock is owned by institutional investors.

VNET Group Trading Down 4.1%

Shares of VNET Group stock opened at $3.77 on Friday. VNET Group has a 12 month low of $3.62 and a 12 month high of $14.48. The business’s 50-day moving average price is $5.76 and its 200-day moving average price is $8.46.

VNET Group (NASDAQ:VNET) last released its earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The company had revenue of $409.00 million during the quarter, compared to the consensus estimate of $401.77 million. As a group, sell-side analysts anticipate that VNET Group will post -0.48 earnings per share for the current fiscal year.

About VNET Group

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a provider of data center and information technology infrastructure services in China. Founded in 1999, the company operates carrier-neutral data centers that allow customers to house servers and other equipment while connecting to multiple telecommunications and internet networks.

VNET’s services include data center hosting, cloud computing, managed network services, internet connectivity, content delivery and hybrid cloud solutions.