VNET Group (NASDAQ:VNET) Trading 9.2% Higher - Still a Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares shot up 9.2% during trading on Tuesday . The stock traded as high as $3.68 and last traded at $3.68. 1,087,379 shares changed hands during trading, a decline of 28% from the average session volume of 1,515,563 shares. The stock had previously closed at $3.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. StockNews.com raised shares of VNET Group from a "sell" rating to a "hold" rating in a research report on Wednesday, August 21st. HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price target on the stock in a research note on Wednesday, October 9th. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a report on Wednesday, October 9th. Finally, Citigroup initiated coverage on shares of VNET Group in a report on Wednesday, September 4th. They issued a "buy" rating and a $4.00 target price on the stock. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $3.97.

VNET Group Price 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 $3.36 and a 200-day simple moving average of $2.48. The stock has a market cap of $936.94 million, a PE ratio of -1.53, a PEG ratio of 7.04 and a beta of -0.27.

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

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Catalina Capital Group LLC acquired a new stake in VNET Group in the 1st quarter valued at about $26,000. Ballentine Partners LLC acquired a new position in shares of VNET Group in the 2nd quarter valued at $36,000. AXA S.A. acquired a new stake in VNET Group during the 2nd quarter worth about $65,000. Headlands Technologies LLC boosted its holdings in shares of VNET Group by 1,199.7% in the first quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider's stock worth $66,000 after buying an additional 39,050 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider's stock valued at $172,000 after acquiring an additional 37,322 shares during the period. Institutional investors and hedge funds 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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