VNET Group (NASDAQ:VNET) Trading 11.1% Higher – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) was up 11.1% during trading on Wednesday . The stock traded as high as $13.34 and last traded at $13.4050. Approximately 5,740,930 shares were traded during trading, a decline of 0% from the average daily volume of 5,762,568 shares. The stock had previously closed at $12.07.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VNET. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research report on Monday, December 29th. Wall Street Zen cut shares of 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 given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.30.

VNET Group Price Performance

The stock has a market capitalization of $3.64 billion, a P/E ratio of -45.13, a price-to-earnings-growth ratio of 0.94 and a beta of 0.01. The business’s 50 day simple moving average is $9.83 and its two-hundred day simple moving average is $9.30. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. The business had revenue of $362.63 million for the quarter, compared to analysts’ expectations 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, sell-side analysts forecast 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 and hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new position in VNET Group during the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC lifted its position in shares of VNET Group by 52.2% during the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in VNET Group during the second quarter worth about $32,000. First Horizon Advisors Inc. bought a new stake in VNET Group in the 2nd quarter worth about $43,000. Finally, Headlands Technologies LLC bought a new stake in VNET Group in the 2nd quarter worth about $55,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Company Profile

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.