VNET Group (NASDAQ:VNET) Shares Up 9.7% – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price traded up 9.7% during trading on Wednesday . The stock traded as high as $8.76 and last traded at $8.8190. 2,372,828 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 7,149,912 shares. The stock had previously closed at $8.04.

Analysts Set New Price Targets

A number of equities analysts have weighed in on VNET shares. Bank of America set a $16.30 price objective on VNET Group and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $16.00 target price on shares of VNET Group in a research note on Wednesday, May 27th. Zacks Research upgraded VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Jefferies Financial Group reissued a “buy” rating and set a $24.79 price target on shares of VNET Group in a research report on Tuesday, May 26th. Finally, Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.03.

VNET Group Stock Up 12.4%

The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -6.59 and a beta of 0.25. The business has a fifty day moving average of $9.22 and a 200 day moving average of $9.73. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.99 and a quick ratio of 0.99.

VNET Group (NASDAQ:VNET) last posted its earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($1.17). VNET Group had a negative return on equity of 31.59% and a negative net margin of 22.01%.The business had revenue of $390.32 million for the quarter, compared to analyst estimates of $388.47 million. As a group, equities analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.24 earnings per share for the current year.

Insider Activity

In related news, Director Sean Shao sold 60,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $1.71, for a total transaction of $102,600.00. Following the completion of the sale, the director directly owned 983,820 shares of the company’s stock, valued at approximately $1,682,332.20. This trade represents a 5.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Leonteq Securities AG purchased a new stake in shares of VNET Group in the 1st quarter valued at approximately $25,000. Global Retirement Partners LLC purchased a new position in shares of VNET Group during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC increased its holdings in VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares during the last quarter. Parallel Advisors LLC increased its holdings in VNET Group by 26.8% in the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Allianz SE acquired a new stake in VNET Group in the 4th quarter valued at approximately $50,000. Hedge funds and other 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.