VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s Why

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) gapped up prior to trading on Monday . The stock had previously closed at $6.52, but opened at $6.90. VNET Group shares last traded at $7.0120, with a volume of 1,767,885 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $24.79 target price on shares of VNET Group in a report on Tuesday, May 26th. Morgan Stanley reissued an “overweight” rating and issued a $14.00 price target on shares of VNET Group in a report on Wednesday, August 19th. Bank of America set a $16.30 price objective on VNET Group and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of VNET Group in a report on Tuesday, July 7th. They set a “buy” rating and a $12.50 target price for the company. Finally, Wall Street Zen cut shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, VNET Group presently has an average rating of “Moderate Buy” and a consensus price target of $16.90.

VNET Group Trading Down 1.2%

The company’s fifty day simple moving average is $6.91 and its 200-day simple moving average is $8.29. The firm has a market capitalization of $1.93 billion, a PE ratio of -5.04 and a beta of 0.27. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97.

VNET Group (NASDAQ:VNET) last released its quarterly earnings results 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). The company had revenue of $409.00 million for the quarter, compared to analyst estimates of $401.77 million. VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. As a group, sell-side analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Large investors have recently made changes to their positions in the stock. Tidal Investments LLC boosted its position in VNET Group by 255.2% in the 2nd quarter. Tidal Investments LLC now owns 332,025 shares of the information technology services provider’s stock valued at $2,669,000 after buying an additional 238,541 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of VNET Group in the second quarter valued at $474,000. Squarepoint Ops LLC boosted its holdings in VNET Group by 4.8% in the second quarter. Squarepoint Ops LLC now owns 71,893 shares of the information technology services provider’s stock valued at $578,000 after purchasing an additional 3,312 shares during the period. Carmignac Gestion boosted its holdings in VNET Group by 1,375.1% in the second quarter. Carmignac Gestion now owns 4,760,599 shares of the information technology services provider’s stock valued at $38,123,000 after purchasing an additional 4,437,879 shares during the period. Finally, Nykredit A S acquired a new position in VNET Group during the 2nd quarter worth $89,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Company Profile

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a China-based provider of data center and information technology infrastructure services. The company operates carrier-neutral data centers that support enterprise customers, cloud service providers, internet companies, financial institutions and other organizations requiring secure, reliable computing and network capacity.

Its services include data center hosting and colocation, managed network services, cloud computing infrastructure, internet connectivity, content delivery and related information technology solutions.