VNET Group (NASDAQ:VNET) Trading Up 3.3% - What's Next?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares shot up 3.3% during trading on Wednesday . The stock traded as high as $8.80 and last traded at $8.76. 2,121,392 shares were traded during trading, a decline of 36% from the average session volume of 3,293,018 shares. The stock had previously closed at $8.48.

Analysts Set New Price Targets

VNET has been the topic of a number of research reports. StockNews.com downgraded VNET Group from a "hold" rating to a "sell" rating in a research note on Friday, March 14th. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. Finally, Citigroup lifted their price objective 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. One analyst has rated the stock with a sell rating, four have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $9.30.

VNET Group Trading Down 8.4 %

The stock has a market capitalization of $2.12 billion, a P/E ratio of -3.72, a PEG ratio of 1.01 and a beta of 0.07. The stock's fifty day moving average price is $10.00 and its 200 day moving average price is $6.06. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

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VNET Group (NASDAQ:VNET - Get Free Report) last announced 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 firm had revenue of $307.75 million during 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%. Research analysts forecast that VNET Group, Inc. will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in VNET Group by 229.3% in the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 4,939 shares in the last quarter. Headlands Technologies LLC increased its holdings in shares of VNET Group by 5.7% during the fourth quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock valued at $685,000 after acquiring an additional 7,737 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in VNET Group in the 4th quarter worth approximately $41,000. Catalina Capital Group LLC purchased a new stake in VNET Group during the 4th quarter worth approximately $54,000. Finally, Wolverine Trading LLC purchased a new position in shares of VNET Group in the third quarter worth $46,000. 72.83% of the stock is currently owned by institutional investors.

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.