VNET Group (NASDAQ:VNET) Upgraded by Hsbc Global Res to Strong-Buy

Hsbc Global Res upgraded shares of VNET Group (NASDAQ:VNET) to a strong-buy rating in a research report released on Wednesday, Zacks.com reports.

Several other equities research analysts also recently commented on VNET. HSBC upgraded VNET Group from a hold rating to a buy rating and set a $5.20 price objective for the company in a report on Wednesday. Citigroup started coverage on shares of VNET Group in a research note on Wednesday, September 4th. They issued a buy rating and a $4.00 price target for the company. Finally, StockNews.com upgraded shares of VNET Group from a sell rating to a hold rating in a research report on Wednesday, August 21st. One equities 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 stock. According to data from MarketBeat, VNET Group has a consensus rating of Buy and a consensus price target of $3.97.

VNET Group Trading Down 2.1 %

Shares of NASDAQ VNET opened at $3.82 on Wednesday. The firm’s 50 day moving average price is $2.84 and its 200-day moving average price is $2.27. VNET Group has a 52-week low of $1.39 and a 52-week high of $4.50. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $983.26 million, a PE ratio of -1.45, a P/E/G ratio of 8.27 and a beta of -0.30.

VNET Group (NASDAQ:VNET) last released 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. The business had revenue of $274.35 million for the quarter, compared to analysts’ expectations of $266.56 million. VNET Group had a negative return on equity of 11.44% and a negative net margin of 34.62%. On average, equities research analysts expect that VNET Group will post 0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On VNET Group

A number of large investors have recently made changes to their positions in the company. Millennium Management LLC lifted its stake in shares of VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after purchasing an additional 1,400,683 shares during the period. Maso Capital Partners Ltd raised its position in VNET Group by 15.6% in the first quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock worth $2,873,000 after acquiring an additional 250,000 shares during the period. Inspire Investing LLC purchased a new position in shares of VNET Group during the 3rd quarter worth $1,092,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of VNET Group during the 1st quarter valued at $328,000. Finally, Creative Planning increased its stake in shares of VNET Group by 124.1% in the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after purchasing an additional 64,866 shares in the last quarter. 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.