VNET Group (NASDAQ:VNET) Shares Up 3.3% – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET)’s share price shot up 3.3% during mid-day trading on Wednesday . The stock traded as high as $8.80 and last traded at $8.76. 2,121,392 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 3,293,018 shares. The stock had previously closed at $8.48.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on VNET shares. Citigroup lifted their price target on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 14th. UBS Group increased their price objective on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. StockNews.com cut shares of VNET Group from a “hold” rating to a “sell” rating in a report on Friday, March 14th. Finally, Nomura Securities upgraded VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $9.30.

VNET Group Trading Up 4.0 %

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 company has a market capitalization of $2.27 billion, a P/E ratio of -3.97, a price-to-earnings-growth ratio of 1.01 and a beta of 0.07. The company has a fifty day simple moving average of $9.81 and a two-hundred day simple moving average of $5.96.

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

Institutional Investors Weigh In On VNET Group

Several hedge funds have recently modified their holdings of VNET. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in VNET Group in the 3rd quarter worth $199,000. Walleye Capital LLC acquired a new stake in shares of VNET Group during the 3rd quarter worth approximately $115,000. Wolverine Trading LLC bought a new stake in shares of VNET Group during the third quarter valued at approximately $46,000. XTX Topco Ltd acquired a new position in shares of VNET Group in the third quarter valued at $343,000. Finally, Anson Funds Management LP lifted its position in VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after purchasing an additional 206,580 shares during the period. 72.83% of the stock is owned by institutional investors.

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.