VNET Group (NASDAQ:VNET) Stock Price Up 3.3% – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET)’s stock price was up 3.3% during trading on Wednesday . The company traded as high as $8.80 and last traded at $8.76. Approximately 2,121,392 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 3,293,018 shares. The stock had previously closed at $8.48.

Analysts Set New Price Targets

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

VNET Group Price Performance

The business has a fifty day moving average of $9.94 and a 200-day moving average of $6.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $2.12 billion, a P/E ratio of -3.72, a price-to-earnings-growth ratio of 1.01 and a beta of 0.07.

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

Institutional Trading of VNET Group

A number of hedge funds and other institutional investors have recently made changes to their positions in VNET. Vident Advisory LLC increased its stake in shares of VNET Group by 91.6% during the fourth quarter. Vident Advisory LLC now owns 283,296 shares of the information technology services provider’s stock valued at $1,343,000 after acquiring an additional 135,467 shares during the period. Squarepoint Ops LLC bought a new position in VNET Group during the 4th quarter valued at $132,000. Two Sigma Investments LP acquired a new position in shares of VNET Group during the 4th quarter valued at $2,911,000. Triata Capital Ltd bought a new stake in shares of VNET Group in the 4th quarter worth $47,377,000. Finally, Sig Brokerage LP acquired a new stake in shares of VNET Group in the fourth quarter valued at $270,000. 72.83% of the stock is currently owned by institutional investors.

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.