VNET Group (NASDAQ:VNET) Lifted to Hold at StockNews.com

StockNews.com upgraded shares of VNET Group (NASDAQ:VNET) from a sell rating to a hold rating in a research report released on Thursday.

VNET Group Stock Performance

VNET Group stock opened at $2.05 on Thursday. The firm has a 50 day simple moving average of $2.13 and a 200-day simple moving average of $1.86. The stock has a market cap of $527.67 million, a price-to-earnings ratio of -0.78 and a beta of -0.35. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. VNET Group has a 1-year low of $1.39 and a 1-year high of $3.88.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Wednesday, May 29th. The information technology services provider reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.13). VNET Group had a negative return on equity of 15.69% and a negative net margin of 39.32%. The business had revenue of $262.89 million during the quarter, compared to analysts’ expectations of $258.78 million.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. AI Squared Management Ltd acquired a new position in shares of VNET Group in the 4th quarter worth approximately $893,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in VNET Group by 14.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock worth $4,379,000 after purchasing an additional 188,593 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of VNET Group during the first quarter worth $328,000. Catalina Capital Group LLC acquired a new stake in shares of VNET Group in the first quarter valued at $26,000. Finally, Jump Financial LLC raised its holdings in shares of VNET Group by 101.6% in the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after buying an additional 42,537 shares during the period. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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.