Analysts Set VNET Group, Inc. (NASDAQ:VNET) Target Price at $9.30

Shares of VNET Group, Inc. (NASDAQ:VNET) have been assigned an average rating of “Buy” from the six analysts that are presently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $9.30.

A number of brokerages have recently issued reports on VNET. StockNews.com downgraded VNET Group from a “hold” rating to a “sell” rating in a research report on Friday, March 14th. Citigroup lifted their target price on shares of VNET Group from $16.10 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, Nomura Securities upgraded VNET Group to a “strong-buy” rating in a research report on Friday, February 21st.

VNET Group Trading Down 12.8 %

Shares of VNET Group stock opened at $6.39 on Thursday. The stock has a market cap of $1.64 billion, a PE ratio of -2.88, a PEG ratio of 1.01 and a beta of 0.07. The firm has a 50-day moving average of $10.11 and a 200-day moving average of $6.23. VNET Group has a 52-week low of $1.42 and a 52-week high of $16.13. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.04). The company had revenue of $307.75 million for 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%. As a group, sell-side analysts forecast that VNET Group will post -0.06 EPS for the current year.

Institutional Investors Weigh In On VNET Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in VNET. Triata Capital Ltd bought a new position in VNET Group in the fourth quarter valued at about $47,377,000. D. E. Shaw & Co. Inc. purchased a new position in shares of VNET Group during the 4th quarter worth $7,183,000. Man Group plc purchased a new stake in shares of VNET Group in the 4th quarter worth $5,094,000. Bank of America Corp DE lifted its position in VNET Group by 610.2% during the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock valued at $5,682,000 after purchasing an additional 1,029,963 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of VNET Group by 622.8% in the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock worth $4,690,000 after buying an additional 852,519 shares during the period. Hedge funds and other institutional investors own 72.83% of the company’s stock.

About VNET Group

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.