VNET Group (NASDAQ:VNET) Shares Gap Up – Time to Buy?

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) gapped up before the market opened on Wednesday . The stock had previously closed at $9.33, but opened at $9.82. VNET Group shares last traded at $9.6450, with a volume of 2,145,381 shares traded.

Analyst Ratings Changes

Several research analysts recently weighed in on VNET shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.55 target price on shares of VNET Group in a research report on Monday. Bank of America reaffirmed a “buy” rating on shares of VNET Group in a research note on Monday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $18.08.

VNET Group Stock Up 4.3%

The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -33.60, a P/E/G ratio of 0.74 and a beta of 0.01. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88. The firm has a 50 day moving average price of $11.10 and a two-hundred day moving average price of $9.90.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Monday, March 16th. The information technology services provider reported $0.00 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). The business had revenue of $384.07 million for the quarter, compared to analyst estimates of $368.64 million. VNET Group had a negative net margin of 2.48% and a positive return on equity of 1.38%. As a group, sell-side analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

Several hedge funds and other institutional investors have recently modified their holdings of VNET. Norges Bank bought a new stake in shares of VNET Group in the 2nd quarter worth about $54,199,000. Temasek Holdings Private Ltd lifted its position in shares of VNET Group by 988.7% during the fourth quarter. Temasek Holdings Private Ltd now owns 3,253,150 shares of the information technology services provider’s stock worth $27,522,000 after purchasing an additional 2,954,350 shares during the last quarter. BNP Paribas Financial Markets grew its stake in VNET Group by 674.8% in the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock worth $23,067,000 after purchasing an additional 2,911,604 shares in the last quarter. Infini Capital Management Ltd increased its holdings in VNET Group by 39.2% in the second quarter. Infini Capital Management Ltd now owns 9,758,083 shares of the information technology services provider’s stock valued at $67,331,000 after buying an additional 2,747,661 shares during the last quarter. Finally, Farallon Capital Management LLC increased its holdings in VNET Group by 83.3% in the third quarter. Farallon Capital Management LLC now owns 5,489,120 shares of the information technology services provider’s stock valued at $56,703,000 after buying an additional 2,495,000 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

VNET Group Company Profile

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.