VNET Group (NASDAQ:VNET) Trading 6% Higher – Should You Buy?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) rose 6% during mid-day trading on Tuesday . The company traded as high as $11.85 and last traded at $11.5290. Approximately 1,943,468 shares were traded during trading, a decline of 68% from the average daily volume of 6,030,953 shares. The stock had previously closed at $10.88.

Analysts Set New Price Targets

VNET has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research report on Monday, December 29th. Wall Street Zen cut VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.30.

VNET Group Price Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.88. The stock has a fifty day simple moving average of $9.48 and a two-hundred day simple moving average of $9.15. The company has a market cap of $2.96 billion, a PE ratio of -36.67, a price-to-earnings-growth ratio of 0.89 and a beta of -0.02.

VNET Group (NASDAQ:VNET) last issued its earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.02. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%.The business had revenue of $362.63 million during the quarter, compared to the consensus estimate of $335.87 million. On average, equities analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its stake in shares of VNET Group by 52.2% in the second 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 period. FNY Investment Advisers LLC acquired a new stake in shares of VNET Group during the 2nd quarter valued at approximately $32,000. Farther Finance Advisors LLC acquired a new stake in shares of VNET Group during the 2nd quarter valued at approximately $34,000. First Horizon Advisors Inc. purchased a new stake in shares of VNET Group during the 2nd quarter worth approximately $43,000. Finally, Headlands Technologies LLC acquired a new stake in shares of VNET Group in the 2nd quarter worth approximately $55,000. 72.83% of the stock is owned by institutional investors and hedge funds.

About VNET Group

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.