VNET Group (NASDAQ:VNET) Price Target Raised to $7.00 at UBS Group

VNET Group (NASDAQ:VNET - Get Free Report) had its price target increased by investment analysts at UBS Group from $6.40 to $7.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the information technology services provider's stock. UBS Group's price objective suggests a potential upside of 80.41% from the stock's current price.

A number of other research analysts also recently issued reports on the company. HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. StockNews.com raised VNET Group from a "sell" rating to a "hold" rating in a research report on Wednesday, August 21st. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a research report on Wednesday, October 9th. Finally, Citigroup began coverage on VNET Group in a report on Wednesday, September 4th. They issued a "buy" rating and a $4.00 price objective for the company. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $4.78.

VNET Group Stock Up 0.5 %

Shares of VNET stock traded up $0.02 during trading hours on Friday, reaching $3.88. The company had a trading volume of 1,507,069 shares, compared to its average volume of 1,572,444. The business has a fifty day simple moving average of $3.68 and a 200-day simple moving average of $2.71. VNET Group has a 12 month low of $1.39 and a 12 month high of $4.50. The company has a market cap of $998.70 million, a price-to-earnings ratio of -1.75 and a beta of -0.27. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.05. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The firm had revenue of $274.35 million for the quarter, compared to the consensus estimate of $266.56 million. On average, research analysts expect that VNET Group will post -0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in VNET. Millennium Management LLC grew its stake in 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 buying an additional 1,400,683 shares in the last quarter. Anson Funds Management LP lifted its holdings in shares of VNET Group by 84.9% during 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 acquiring an additional 206,580 shares during the last quarter. GSA Capital Partners LLP grew its position in VNET Group by 24.8% in the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider's stock worth $1,506,000 after acquiring an additional 73,311 shares in the last quarter. Geode Capital Management LLC increased its stake in VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock valued at $1,218,000 after acquiring an additional 210,124 shares during the last quarter. Finally, Inspire Investing LLC purchased a new stake in VNET Group during the third quarter valued at about $1,092,000. Institutional investors own 72.83% of the company's stock.

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.