VNET Group (NASDAQ:VNET) Trading Up 8.8% - Here's Why

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) was up 8.8% during mid-day trading on Monday . The stock traded as high as $6.19 and last traded at $6.03. Approximately 1,455,150 shares changed hands during trading, a decline of 62% from the average daily volume of 3,846,268 shares. The stock had previously closed at $5.54.

Analysts Set New Price Targets

A number of research firms have recently weighed in on VNET. Citigroup upped their price target on shares of VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. StockNews.com downgraded VNET Group from a "hold" rating to a "sell" rating in a research note on Friday, March 14th. Finally, Nomura Securities upgraded shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, VNET Group presently has an average rating of "Buy" and an average target price of $9.30.

VNET Group Trading Up 5.9 %

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm's 50 day moving average is $9.50 and its two-hundred day moving average is $6.35. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -2.26, a price-to-earnings-growth ratio of 1.01 and a beta of 0.15.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) 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 during the quarter, compared to analyst estimates of $284.88 million. Equities analysts anticipate that VNET Group, Inc. will post -0.06 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in VNET. Barclays PLC grew its stake in VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after buying an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group in the fourth quarter valued at about $41,000. Catalina Capital Group LLC bought a new position in VNET Group in the 4th quarter worth approximately $54,000. Hsbc Holdings PLC bought a new position in VNET Group during the fourth quarter worth $66,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of VNET Group during the fourth quarter valued at about $80,000. Institutional investors and hedge funds 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.