VNET Group (NASDAQ:VNET) Trading Up 3.3% – What’s Next?

Shares of VNET Group, Inc. (NASDAQ:VNET) shot up 3.3% during trading on Wednesday . The company traded as high as $8.80 and last traded at $8.76. 2,121,392 shares were traded during trading, a decline of 36% from the average session volume of 3,293,018 shares. The stock had previously closed at $8.48.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on VNET shares. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. Nomura Securities raised VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. StockNews.com downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Friday, March 14th. Citigroup lifted their price target on shares of VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Finally, UBS Group increased their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $9.30.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a fifty day simple moving average of $9.94 and a two-hundred day simple moving average of $6.00. The stock has a market cap of $2.12 billion, a PE ratio of -3.72, a PEG ratio of 1.01 and a beta of 0.07.

VNET Group (NASDAQ:VNET) last announced its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate 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%. The firm had revenue of $307.75 million during the quarter, compared to analysts’ expectations of $284.88 million. Equities analysts anticipate that VNET Group, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in VNET Group during the 3rd quarter valued at approximately $199,000. Walleye Capital LLC acquired a new stake in shares of VNET Group during the third quarter worth approximately $115,000. Wolverine Trading LLC acquired a new stake in shares of VNET Group during the third quarter worth approximately $46,000. XTX Topco Ltd bought a new stake in shares of VNET Group in the third quarter worth $343,000. Finally, Anson Funds Management LP raised its holdings in VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after acquiring an additional 206,580 shares in the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

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.