VNET Group (NASDAQ:VNET) Shares Climb 15.5% – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) rose 15.5% on Wednesday. The stock traded as high as $3.51 and last traded at $3.4420. 1,298,203 shares changed hands during trading, a decline of 79% from the average session volume of 6,216,874 shares. The stock had previously closed at $2.98.

Analyst Ratings Changes

Several research firms recently weighed in on VNET. UBS Group decreased their target price on VNET Group from $13.40 to $6.80 and set a “buy” rating for the company in a research note on Friday, October 30th. Weiss Ratings lowered shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, September 1st. Finally, Morgan Stanley reissued an “overweight” rating and set a $14.00 price objective on shares of VNET Group in a report on Wednesday, August 19th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, VNET Group presently has an average rating of “Moderate Buy” and an average target price of $14.88.

VNET Group Stock Up 1.7%

The stock has a market cap of $866.92 million, a PE ratio of -2.26 and a beta of 0.35. The business has a 50 day moving average of $5.28 and a 200-day moving average of $8.19. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 4.35.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04). VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. The firm had revenue of $409.00 million during the quarter, compared to analyst estimates of $401.77 million. Equities research analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Several hedge funds have recently made changes to their positions in the business. Leonteq Securities AG acquired a new stake in VNET Group in the first quarter valued at about $25,000. Parallel Advisors LLC increased its position in VNET Group by 26.8% during the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 1,160 shares during the period. Oppenheimer & Co. Inc. acquired a new position in VNET Group during the 3rd quarter worth approximately $62,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of VNET Group during the 3rd quarter worth approximately $85,000. Finally, Nykredit A S purchased a new position in shares of VNET Group during the 2nd quarter worth approximately $89,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a provider of data center and information technology infrastructure services in China. Founded in 1999, the company operates carrier-neutral data centers that allow customers to house servers and other equipment while connecting to multiple telecommunications and internet networks.

VNET’s services include data center hosting, cloud computing, managed network services, internet connectivity, content delivery and hybrid cloud solutions.