VNET Group (NASDAQ:VNET) Stock Jumps 6.9% – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price rose 6.9% on Monday. The company traded as high as $3.87 and last traded at $3.9660. Approximately 613,477 shares changed hands during trading, a decline of 90% from the average daily volume of 6,218,329 shares. The stock had previously closed at $3.71.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Morgan Stanley reiterated an “overweight” rating and set a $14.00 target price on shares of VNET Group in a research report on Wednesday, August 19th. Deutsche Bank Aktiengesellschaft started coverage on shares of VNET Group in a research report on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price target on the stock. Finally, Weiss Ratings cut shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.90.

VNET Group Price Performance

The firm has a market capitalization of $972.41 million, a P/E ratio of -2.53 and a beta of 0.23. The firm has a 50 day moving average price of $5.76 and a 200-day moving average price of $8.46. 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 announced its earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The company had revenue of $409.00 million during the quarter, compared to analysts’ expectations of $401.77 million. VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. On average, analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.48 earnings per share for the current year.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently made changes to their positions in the company. Asset Management One Co. Ltd. grew its position in VNET Group by 26.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 36,829 shares of the information technology services provider’s stock valued at $204,000 after acquiring an additional 7,752 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of VNET Group during the third quarter worth $62,000. Fifth Third Wealth Advisors LLC bought a new stake in shares of VNET Group during the third quarter worth $147,000. SBI Securities Co. Ltd. lifted its position in shares of VNET Group by 24.9% during the third quarter. SBI Securities Co. Ltd. now owns 25,723 shares of the information technology services provider’s stock worth $143,000 after purchasing an additional 5,128 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in shares of VNET Group by 255.2% during the second quarter. Tidal Investments LLC now owns 332,025 shares of the information technology services provider’s stock valued at $2,669,000 after purchasing an additional 238,541 shares during the period. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Company Profile

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.