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

VNET Group, Inc. (NASDAQ:VNET) shares shot up 7.7% during trading 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 were traded during trading, a decline of 71% from the average session volume of 9,788,974 shares. The stock had previously closed at $10.40.

Several other research analysts have also commented on the stock. UBS Group increased their price target on shares of 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 raised their target price for the company from $3.10 to $5.00 in a research note on Friday, November 29th. Finally, Nomura Securities upgraded shares of VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, five have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $7.98.

Institutional Trading of VNET Group

A number of hedge funds have recently bought and sold shares of VNET. Triata Capital Ltd bought a new stake in VNET Group in the 4th quarter valued at $47,377,000. D. E. Shaw & Co. Inc. bought a new position in shares of VNET Group during the 4th quarter worth about $7,183,000. Man Group plc bought a new position in shares of VNET Group during the 4th quarter worth about $5,094,000. Bank of America Corp DE lifted its holdings in shares of VNET Group by 610.2% during the 4th quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after acquiring an additional 1,029,963 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of VNET Group by 622.8% during the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock worth $4,690,000 after acquiring an additional 852,519 shares during the period. 72.83% of the stock is owned by institutional investors.

VNET Group Stock Up 12.0 %

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

VNET Group (NASDAQ:VNET) last released its quarterly earnings data 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 business had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. As a group, equities research analysts predict that VNET Group, Inc. will post -0.06 earnings per share for the current fiscal 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.