VNET Group (NASDAQ:VNET) Posts Earnings Results, Misses Estimates By $0.02 EPS

VNET Group (NASDAQ:VNET) issued its quarterly earnings data on Tuesday. The information technology services provider reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02), FiscalAI reports. VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. The business had revenue of $409.00 million for the quarter, compared to analysts’ expectations of $401.77 million.

VNET Group Trading Up 4.2%

VNET stock opened at $7.92 on Tuesday. The firm has a market cap of $2.14 billion, a P/E ratio of -5.78 and a beta of 0.32. VNET Group has a 52-week low of $6.17 and a 52-week high of $14.48. The company’s 50-day simple moving average is $7.88 and its 200-day simple moving average is $9.25. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 3.99.

Wall Street Analyst Weigh In

VNET has been the subject of several recent analyst reports. Bank of America set a $16.30 price target on VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Jefferies Financial Group reissued a “buy” rating and issued a $24.79 target price on shares of VNET Group in a research report on Tuesday, May 26th. Zacks Research upgraded VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $16.00 price target on shares of VNET Group in a report on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.40.

Insider Transactions at VNET Group

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

Hedge Funds Weigh In On VNET Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new stake in shares of VNET Group in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC boosted 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 worth $29,000 after buying an additional 1,426 shares during the last quarter. Allianz SE acquired a new stake in VNET Group in the 4th quarter worth about $50,000. Headlands Technologies LLC purchased a new stake in VNET Group during the 2nd quarter worth approximately $55,000. Finally, Raymond James Financial Inc. purchased a new position in shares of VNET Group in the second quarter valued at approximately $69,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.