VNET Group (NASDAQ:VNET) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.03 and traded as high as $10.86. VNET Group shares last traded at $10.41, with a volume of 4,688,071 shares trading hands.

Analyst Upgrades and Downgrades

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

VNET Group Price Performance

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88. The stock’s 50-day moving average price is $9.27 and its 200-day moving average price is $9.05. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of -35.45, a price-to-earnings-growth ratio of 1.06 and a beta of -0.02.

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

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in VNET. Norges Bank bought a new stake in shares of VNET Group during the second quarter worth approximately $54,199,000. BNP Paribas Financial Markets grew its holdings in VNET Group by 674.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock worth $23,067,000 after acquiring an additional 2,911,604 shares during the period. Infini Capital Management Ltd grew its holdings in VNET Group by 39.2% during the 2nd quarter. Infini Capital Management Ltd now owns 9,758,083 shares of the information technology services provider’s stock worth $67,331,000 after acquiring an additional 2,747,661 shares during the period. Farallon Capital Management LLC raised its position in shares of VNET Group by 83.3% during the 3rd quarter. Farallon Capital Management LLC now owns 5,489,120 shares of the information technology services provider’s stock valued at $56,703,000 after acquiring an additional 2,495,000 shares during the last quarter. Finally, Oxbow Capital Management HK Ltd lifted its stake in shares of VNET Group by 64.3% in the 2nd quarter. Oxbow Capital Management HK Ltd now owns 5,750,000 shares of the information technology services provider’s stock valued at $39,675,000 after purchasing an additional 2,250,000 shares during the period. 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.