VNET Group (NASDAQ:VNET) Stock Price Up 9.2% – What’s Next?

VNET Group, Inc. (NASDAQ:VNET) shares traded up 9.2% on Tuesday . The stock traded as high as $3.68 and last traded at $3.68. 1,087,379 shares traded hands during trading, a decline of 28% from the average session volume of 1,515,563 shares. The stock had previously closed at $3.37.

Wall Street Analyst Weigh In

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

VNET Group Stock Up 16.7 %

The firm’s fifty day moving average price is $3.41 and its 200-day moving average price is $2.50. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $988.42 million, a P/E ratio of -1.53, a PEG ratio of 6.98 and a beta of -0.27.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. The business had revenue of $274.35 million during the quarter, compared to analysts’ expectations of $266.56 million. As a group, equities research analysts forecast that VNET Group, Inc. will post 0.02 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. Millennium Management LLC lifted its stake in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after purchasing an additional 1,400,683 shares during the last quarter. Inspire Investing LLC purchased a new stake in shares of VNET Group in the 3rd quarter valued at approximately $1,092,000. Maso Capital Partners Ltd lifted its position in shares of VNET Group by 15.6% in the 1st quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock valued at $2,873,000 after acquiring an additional 250,000 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of VNET Group in the 1st quarter valued at approximately $328,000. Finally, WT Asset Management Ltd purchased a new stake in shares of VNET Group in the 3rd quarter valued at approximately $326,000. 72.83% of the stock is owned by institutional investors and hedge funds.

VNET Group Company Profile

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.