VNET Group (NASDAQ:VNET) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of VNET Group (NASDAQ:VNET) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. Bank of America set a $16.30 target price on shares of VNET Group and gave the company a “buy” rating in a research note on Tuesday. Jefferies Financial Group reiterated a “buy” rating and issued a $24.79 target price on shares of VNET Group in a research note on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Morgan Stanley reiterated an “overweight” rating and issued a $16.00 target price on shares of VNET Group in a research note on Wednesday. Finally, Wall Street Zen upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.03.

VNET Group Stock Performance

NASDAQ:VNET opened at $10.62 on Wednesday. VNET Group has a 1 year low of $5.14 and a 1 year high of $14.48. The firm’s fifty day simple moving average is $9.09 and its 200 day simple moving average is $9.73. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 3.99. The firm has a market capitalization of $2.87 billion, a PE ratio of -7.75 and a beta of 0.19.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($1.17). VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. The company had revenue of $390.32 million during the quarter, compared to the consensus estimate of $388.47 million. On average, sell-side analysts anticipate that VNET Group will post 0.23 EPS for the current year.

Insider Activity at VNET Group

In other news, Director David Lifeng Chen sold 83,544 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the completion of the transaction, the director directly owned 334,164 shares of the company’s stock, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On VNET Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Leonteq Securities AG bought a new position in shares of VNET Group during the 1st quarter worth about $25,000. Global Retirement Partners LLC bought a new position in VNET Group during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC lifted its holdings in VNET Group by 52.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares during the last quarter. Parallel Advisors LLC lifted its holdings in VNET Group by 26.8% during the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Allianz SE acquired a new stake in shares of VNET Group during the fourth quarter worth approximately $50,000. 72.83% of the stock is owned by institutional investors.

About VNET Group

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.