VNET Group (NASDAQ:VNET) Trading 6.4% Higher – What’s Next?

VNET Group, Inc. (NASDAQ:VNET)’s stock price traded up 6.4% during mid-day trading on Wednesday . The stock traded as high as $3.99 and last traded at $3.82. 1,077,813 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 1,565,771 shares. The stock had previously closed at $3.59.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Citigroup assumed coverage on shares of VNET Group in a report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective on the stock. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a report on Wednesday, October 9th. Finally, Hsbc Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, VNET Group presently has a consensus rating of “Buy” and a consensus target price of $3.97.

VNET Group Stock Performance

The business’s 50-day simple moving average is $3.65 and its two-hundred day simple moving average is $2.69. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm has a market cap of $993.56 million, a price-to-earnings ratio of -1.79, a P/E/G ratio of 0.53 and a beta of -0.27.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The firm had revenue of $274.35 million for the quarter, compared to the consensus estimate of $266.56 million. As a group, sell-side analysts expect that VNET Group, Inc. will post 0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ballentine Partners LLC acquired a new stake in shares of VNET Group during the 2nd quarter worth approximately $36,000. Wolverine Trading LLC purchased a new position in VNET Group during the third quarter worth about $46,000. AXA S.A. purchased a new stake in shares of VNET Group in the 2nd quarter valued at approximately $65,000. Walleye Capital LLC acquired a new position in shares of VNET Group in the 3rd quarter worth approximately $115,000. Finally, Blue Trust Inc. boosted its position in shares of VNET Group by 785.4% during the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after purchasing an additional 37,322 shares during the period. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.