VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET – Get Free Report) traded up 6.6% on Tuesday . The stock traded as high as $6.63 and last traded at $6.8940. 441,470 shares were traded during trading, a decline of 93% from the average daily volume of 6,520,729 shares. The stock had previously closed at $6.47.
Analysts Set New Price Targets
Several brokerages have commented on VNET. Deutsche Bank Aktiengesellschaft initiated coverage on VNET Group in a research report on Tuesday, July 7th. They set a “buy” rating and a $12.50 price objective for the company. Morgan Stanley reiterated an “overweight” rating and issued a $14.00 price target on shares of VNET Group in a research note on Wednesday, August 19th. Zacks Research raised shares of VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Bank of America set a $16.30 price objective on shares of VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.90.
Check Out Our Latest Report on VNET
VNET Group Price Performance
VNET Group (NASDAQ:VNET – Get Free Report) last announced its quarterly earnings data on Tuesday, August 18th. The information technology services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.04). The firm had revenue of $409.00 million for the quarter, compared to analysts’ expectations of $401.77 million. VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. On average, analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.27 EPS for the current year.
Insiders Place Their Bets
In related news, Director Sean Shao sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1.71, for a total value of $102,600.00. Following the transaction, the director directly owned 983,820 shares of the company’s stock, valued at approximately $1,682,332.20. This represents a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.10% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the business. Nykredit A S bought a new stake in VNET Group in the 2nd quarter worth about $89,000. Greenwoods Asset Management Hong Kong Ltd. purchased a new stake in shares of VNET Group during the 2nd quarter valued at about $5,214,000. Headlands Technologies LLC purchased a new stake in shares of VNET Group during the 2nd quarter valued at about $1,925,000. Public Employees Retirement System of Ohio bought a new stake in shares of VNET Group in the second quarter worth approximately $245,000. Finally, Parallel Advisors LLC grew its stake in shares of VNET Group by 26.8% in the first quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after acquiring an additional 1,160 shares during the period. Hedge funds and other institutional investors 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.
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