VNET Group (NASDAQ:VNET) Trading 7.7% Higher – Still a Buy?

VNET Group, Inc. (NASDAQ:VNET)’s share price rose 7.7% during trading on Friday . The stock traded as high as $11.46 and last traded at $11.21. Approximately 2,827,502 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 9,788,974 shares. The stock had previously closed at $10.40.

Analyst Ratings Changes

Several research firms have recently weighed in on VNET. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $3.10 to $5.00 in a report on Friday, November 29th. Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a report on Friday, February 21st. Finally, UBS Group upped their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. One analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Up 10.9 %

The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The business’s 50 day moving average price is $9.09 and its 200 day moving average price is $5.51. The firm has a market cap of $2.97 billion, a PE ratio of -5.19, a PEG ratio of 1.01 and a beta of 0.06.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. On average, equities research analysts expect that VNET Group, Inc. will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its holdings in shares of VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 4,939 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of VNET Group during the fourth quarter worth $41,000. Catalina Capital Group LLC acquired a new stake in shares of VNET Group in the fourth quarter valued at $54,000. Wolverine Trading LLC acquired a new stake in shares of VNET Group in the third quarter valued at $46,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of VNET Group in the fourth quarter valued at $66,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

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.