VNET Group (NASDAQ:VNET) Sees Unusually-High Trading Volume – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) shares saw strong trading volume on Thursday . 2,881,808 shares traded hands during mid-day trading, a decline of 9% from the previous session’s volume of 3,167,304 shares.The stock last traded at $9.46 and had previously closed at $9.85.

Wall Street Analysts Forecast Growth

VNET has been the topic of several research reports. UBS Group upped their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. Nomura Securities upgraded VNET Group to a “strong-buy” rating in a report on Friday, February 21st. Citigroup boosted their target price on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 14th. StockNews.com lowered VNET Group from a “hold” rating to a “sell” rating in a report on Friday, March 14th. Finally, The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $3.10 to $5.00 in a research note on Friday, November 29th. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, VNET Group currently has a consensus rating of “Buy” and a consensus target price of $9.30.

VNET Group Stock Performance

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 50-day moving average of $9.54 and a 200 day moving average of $5.77. The stock has a market capitalization of $2.33 billion, a P/E ratio of -4.08, a PEG ratio of 1.01 and a beta of 0.07.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.04). VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The company had revenue of $307.75 million during the quarter, compared to analyst estimates of $284.88 million. Research analysts anticipate that VNET Group, Inc. will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after buying an additional 210,124 shares in the last quarter. Asset Management One Co. Ltd. bought a new stake in shares of VNET Group during the fourth quarter worth $152,000. JPMorgan Chase & Co. increased its stake in shares of VNET Group by 136,783.0% in the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after buying an additional 136,783 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of VNET Group in the third quarter valued at $519,000. Finally, SG Americas Securities LLC lifted its position in VNET Group by 534.6% during the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock worth $1,931,000 after buying an additional 343,140 shares in the last quarter. 72.83% of the stock is owned by institutional investors.

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.