VNET Group (NASDAQ:VNET) Sees Unusually-High Trading Volume - Time to Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 8,601,919 shares were traded during trading, an increase of 132% from the previous session's volume of 3,710,305 shares.The stock last traded at $5.06 and had previously closed at $5.77.

Analysts Set New Price Targets

A number of research firms have recently commented on VNET. Citigroup increased their target price on VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research report on Friday, March 14th. StockNews.com cut shares of VNET Group from a "hold" rating to a "sell" rating in a research report on Friday, March 14th. Finally, Nomura Securities upgraded VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $9.30.

VNET Group Stock Down 0.7 %

The business's 50-day simple moving average is $9.92 and its 200 day simple moving average is $6.34. The firm has a market cap of $1.42 billion, a PE ratio of -2.48, a P/E/G ratio of 1.01 and a beta of 0.15. The company has a current ratio of 0.83, a quick 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 issued its quarterly earnings data 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). The business had revenue of $307.75 million for the quarter, compared to analysts' expectations of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. As a group, equities research analysts expect that VNET Group, Inc. will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of VNET. Geode Capital Management LLC lifted its holdings in shares of VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock valued at $1,218,000 after purchasing an additional 210,124 shares during the last quarter. Asset Management One Co. Ltd. purchased a new stake in shares of VNET Group during the fourth quarter worth about $152,000. JPMorgan Chase & Co. increased its holdings in shares of VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider's stock valued at $558,000 after acquiring an additional 136,783 shares in the last quarter. Virtu Financial LLC acquired a new stake in VNET Group in the 3rd quarter worth approximately $519,000. Finally, Los Angeles Capital Management LLC acquired a new position in VNET Group during the 4th quarter valued at approximately $294,000. 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.