VNET Group (NASDAQ:VNET) Shares Up 7.7% Following Analyst Upgrade

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s stock price shot up 7.7% during mid-day trading on Friday after Citigroup raised their price target on the stock from $16.10 to $20.00. Citigroup currently has a buy rating on the stock. VNET Group traded as high as $11.46 and last traded at $11.21. 2,827,502 shares were traded during mid-day trading, a decline of 71% from the average session volume of 9,788,974 shares. The stock had previously closed at $10.40.

A number of other brokerages have also commented on VNET. Nomura Securities upgraded shares of VNET Group to a "strong-buy" rating in a report on Friday, February 21st. UBS Group lifted their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a report on Friday, November 29th. Finally, The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and boosted their target price for the company from $3.10 to $5.00 in a report on Friday, November 29th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, VNET Group has an average rating of "Buy" and a consensus target price of $7.98.

Institutional Trading of VNET Group

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake 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 buying an additional 210,124 shares in the last quarter. Asset Management One Co. Ltd. bought a new stake in VNET Group during the 4th quarter worth approximately $152,000. JPMorgan Chase & Co. increased its holdings in VNET Group by 136,783.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider's stock worth $558,000 after acquiring an additional 136,783 shares during the period. Virtu Financial LLC bought a new stake in VNET Group during the 3rd quarter worth approximately $519,000. Finally, SG Americas Securities LLC increased its holdings in VNET Group by 534.6% during the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider's stock worth $1,931,000 after acquiring an additional 343,140 shares during the period. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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VNET Group Stock Down 3.9 %

The stock's fifty day moving average is $9.46 and its two-hundred day moving average is $5.74. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm has a market cap of $2.82 billion, a P/E ratio of -4.93, a price-to-earnings-growth ratio of 1.01 and a beta of 0.07.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). The firm had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. As a group, research analysts anticipate that VNET Group, Inc. will post -0.06 earnings per share for the current year.

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.