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

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $9.02, but opened at $11.05. VNET Group shares last traded at $11.8770, with a volume of 22,236,126 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Jefferies Financial Group reiterated a “buy” rating and issued a $23.55 price objective on shares of VNET Group in a report on Monday, March 16th. Finally, Bank of America reiterated a “buy” rating on shares of VNET Group in a report on Monday, March 16th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $18.08.

VNET Group Price Performance

The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -39.53 and a beta of 0.19. The business’s 50-day simple moving average is $9.07 and its two-hundred day simple moving average is $9.71. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 2.68.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Monday, March 16th. The information technology services provider reported $0.00 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.04). The company had revenue of $384.07 million for the quarter, compared to analyst estimates of $368.64 million. VNET Group had a positive return on equity of 1.36% and a negative net margin of 2.48%. As a group, research analysts expect that VNET Group, Inc. – Unsponsored ADR will post 0.21 EPS for the current fiscal year.

Insider Transactions at VNET Group

In other VNET Group news, Director David Lifeng Chen sold 83,544 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $1.51, for a total value of $126,151.44. Following the transaction, the director owned 334,164 shares in the company, valued at approximately $504,587.64. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently modified their holdings of VNET. Geode Capital Management LLC lifted its holdings in shares of VNET Group by 3.2% in the 2nd quarter. Geode Capital Management LLC now owns 241,964 shares of the information technology services provider’s stock worth $1,670,000 after purchasing an additional 7,489 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of VNET Group by 1,201.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 511,417 shares of the information technology services provider’s stock worth $3,529,000 after purchasing an additional 472,115 shares in the last quarter. Quantbot Technologies LP lifted its holdings in shares of VNET Group by 333.0% in the 2nd quarter. Quantbot Technologies LP now owns 18,805 shares of the information technology services provider’s stock worth $130,000 after purchasing an additional 14,462 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 1,426 shares in the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in shares of VNET Group in the 2nd quarter worth $3,568,000. 72.83% of the stock is currently 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.