VNET Group (NASDAQ:VNET) Shares Gap Up – What’s Next?

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) gapped up prior to trading on Friday . The stock had previously closed at $10.41, but opened at $10.95. VNET Group shares last traded at $10.7720, with a volume of 569,649 shares traded.

Wall Street Analyst Weigh In

VNET has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research report on Monday, December 29th. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, VNET Group has an average rating of “Moderate Buy” and an average price target of $16.30.

VNET Group Trading Up 3.6%

The firm has a market cap of $2.90 billion, a price-to-earnings ratio of -35.92, a PEG ratio of 1.03 and a beta of -0.02. The business has a fifty day moving average of $9.23 and a two-hundred day moving average of $9.03. The company has a debt-to-equity ratio of 2.88, a quick ratio of 0.90 and a current ratio of 0.90.

VNET Group (NASDAQ:VNET) last posted its earnings results on Thursday, November 20th. The information technology services provider reported $0.02 EPS for the quarter, hitting analysts’ consensus estimates of $0.02. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%.The company had revenue of $362.63 million for the quarter, compared to the consensus estimate of $335.87 million. As a group, equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its position in shares of VNET Group by 52.2% in the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in VNET Group in the 2nd quarter valued at approximately $32,000. Farther Finance Advisors LLC acquired a new stake in VNET Group during the 2nd quarter valued at $34,000. First Horizon Advisors Inc. purchased a new position in VNET Group during the second quarter worth $43,000. Finally, Headlands Technologies LLC purchased a new position in VNET Group during the second quarter worth $55,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.