VNET Group (NASDAQ:VNET) Trading Up 8.4% – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price rose 8.4% on Thursday . The stock traded as high as $10.21 and last traded at $10.0950. Approximately 2,517,660 shares were traded during trading, a decline of 23% from the average daily volume of 3,259,943 shares. The stock had previously closed at $9.31.

Analysts Set New Price Targets

Several research firms have weighed in on VNET. Wall Street Zen cut VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.30.

VNET Group Trading Up 1.0%

The company has a debt-to-equity ratio of 2.88, a current ratio of 0.90 and a quick ratio of 0.90. The firm’s 50 day moving average price is $9.01 and its 200 day moving average price is $8.77. The stock has a market capitalization of $2.80 billion, a P/E ratio of -34.73, a P/E/G ratio of 1.05 and a beta of -0.02.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Thursday, November 20th. The information technology services provider reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. The business had revenue of $362.63 million during the quarter, compared to analyst estimates of $335.87 million. VNET Group had a negative net margin of 5.99% and a negative return on equity of 3.42%. As a group, equities research analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

A number of institutional investors have recently made changes to their positions in VNET. Norges Bank purchased a new stake in shares of VNET Group during the second quarter valued at $54,199,000. BNP Paribas Financial Markets raised its stake in VNET Group by 674.8% during the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock valued at $23,067,000 after purchasing an additional 2,911,604 shares in the last quarter. Infini Capital Management Ltd boosted its stake in VNET Group by 39.2% during the second quarter. Infini Capital Management Ltd now owns 9,758,083 shares of the information technology services provider’s stock worth $67,331,000 after buying an additional 2,747,661 shares during the period. Farallon Capital Management LLC increased its stake in VNET Group by 83.3% in the third quarter. Farallon Capital Management LLC now owns 5,489,120 shares of the information technology services provider’s stock worth $56,703,000 after purchasing an additional 2,495,000 shares during the period. Finally, Oxbow Capital Management HK Ltd grew its stake in VNET Group by 64.3% in the second quarter. Oxbow Capital Management HK Ltd now owns 5,750,000 shares of the information technology services provider’s stock worth $39,675,000 after purchasing an additional 2,250,000 shares in the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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.