VNET Group (NASDAQ:VNET) Trading Up 7.7% Following Analyst Upgrade

VNET Group, Inc. (NASDAQ:VNET)’s stock price shot up 7.7% on Friday after Citigroup raised their price target on the stock from $16.10 to $20.00. Citigroup currently has a buy rating on the stock. VNET Group traded as high as $11.46 and last traded at $11.21. 2,827,502 shares changed hands during trading, a decline of 71% from the average session volume of 9,788,974 shares. The stock had previously closed at $10.40.

Other equities research analysts also recently issued research reports about the stock. UBS Group boosted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. Nomura Securities upgraded shares of VNET Group to a “strong-buy” rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $3.10 to $5.00 in a report on Friday, November 29th. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $7.98.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vident Advisory LLC lifted its stake in VNET Group by 91.6% during the fourth quarter. Vident Advisory LLC now owns 283,296 shares of the information technology services provider’s stock valued at $1,343,000 after purchasing an additional 135,467 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in VNET Group during the fourth quarter valued at approximately $132,000. Two Sigma Investments LP purchased a new stake in shares of VNET Group in the 4th quarter valued at approximately $2,911,000. Triata Capital Ltd purchased a new stake in shares of VNET Group in the 4th quarter valued at approximately $47,377,000. Finally, Sig Brokerage LP purchased a new stake in shares of VNET Group in the 4th quarter valued at approximately $270,000. 72.83% of the stock is owned by institutional investors and hedge funds.

VNET Group Trading Up 12.0 %

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm has a market cap of $3.00 billion, a PE ratio of -5.25, a P/E/G ratio of 1.01 and a beta of 0.06. The company’s 50-day moving average is $9.23 and its 200 day moving average is $5.60.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.04). The firm had revenue of $307.75 million during the quarter, compared to analysts’ expectations of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. As a group, sell-side analysts predict that VNET Group, Inc. will post -0.06 EPS for the current year.

VNET Group Company Profile

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.