VNET Group (NASDAQ:VNET) Price Target Raised to $20.00

VNET Group (NASDAQ:VNET - Free Report) had its price objective boosted by Citigroup from $16.10 to $20.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a buy rating on the information technology services provider's stock.

Several other equities research analysts have also issued reports on the company. The Goldman Sachs Group raised VNET Group from a "neutral" rating to a "buy" rating and raised their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group raised their target price on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a research report on Friday, November 29th. Finally, Nomura Securities raised VNET Group to a "strong-buy" rating in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, VNET Group presently has a consensus rating of "Buy" and a consensus price target of $7.98.

VNET Group Stock Down 3.9 %

NASDAQ VNET traded down $0.44 on Friday, reaching $10.94. The company had a trading volume of 11,301,707 shares, compared to its average volume of 3,095,334. VNET Group has a 52-week low of $1.42 and a 52-week high of $16.13. The stock has a market capitalization of $2.82 billion, a P/E ratio of -4.93, a P/E/G ratio of 1.01 and a beta of 0.07. The company's fifty day moving average is $9.46 and its 200 day moving average is $5.74. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

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VNET Group (NASDAQ:VNET - Get Free Report) last announced its 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 net margin of 28.54% and a negative return on equity of 5.68%. The business had revenue of $307.75 million for the quarter, compared to analysts' expectations of $284.88 million. Sell-side analysts anticipate that VNET Group will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Several large investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in VNET Group in the 3rd quarter worth about $199,000. Walleye Capital LLC bought a new position in VNET Group in the 3rd quarter worth about $115,000. Wolverine Trading LLC bought a new position in VNET Group in the 3rd quarter worth about $46,000. XTX Topco Ltd bought a new position in VNET Group in the 3rd quarter worth about $343,000. Finally, Anson Funds Management LP boosted its stake in VNET Group by 84.9% in the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock worth $1,836,000 after purchasing an additional 206,580 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.