VNET Group (NASDAQ:VNET) Shares Up 8% - Here's What Happened

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price shot up 8% during trading on Monday . The stock traded as high as $3.65 and last traded at $3.64. 222,816 shares traded hands during trading, a decline of 85% from the average session volume of 1,507,292 shares. The stock had previously closed at $3.37.

Analyst Ratings Changes

Several research firms recently commented on VNET. HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 target price for the company in a research report on Wednesday, October 9th. Citigroup began coverage on VNET Group in a research report on Wednesday, September 4th. They set a "buy" rating and a $4.00 target price for the company. Hsbc Global Res upgraded VNET Group to a "strong-buy" rating in a research report on Wednesday, October 9th. Finally, StockNews.com upgraded VNET Group from a "sell" rating to a "hold" rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, VNET Group presently has an average rating of "Buy" and a consensus target price of $3.97.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.87. The company has a 50 day simple moving average of $3.18 and a 200-day simple moving average of $2.40. The stock has a market cap of $926.64 million, a P/E ratio of -1.54, a price-to-earnings-growth ratio of 6.98 and a beta of -0.30.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.05. VNET Group had a negative return on equity of 11.44% and a negative net margin of 34.62%. The firm had revenue of $274.35 million during the quarter, compared to analyst estimates of $266.56 million. On average, equities analysts expect that VNET Group, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. 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 valued at $6,229,000 after acquiring an additional 1,400,683 shares during the last quarter. Maso Capital Partners Ltd lifted its stake in shares of VNET Group by 15.6% in the 1st quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider's stock valued at $2,873,000 after acquiring an additional 250,000 shares during the last quarter. Inspire Investing LLC bought a new stake in shares of VNET Group in the 3rd quarter valued at about $1,092,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of VNET Group in the 1st quarter valued at about $328,000. Finally, Creative Planning lifted 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 valued at $478,000 after acquiring an additional 64,866 shares during the last quarter. 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.

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