VNET Group (NASDAQ:VNET) Trading 8.7% Higher – Here’s What Happened

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) traded up 8.7% during mid-day trading on Tuesday . The company traded as high as $9.17 and last traded at $9.1760. 4,406,478 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 6,562,753 shares. The stock had previously closed at $8.44.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.55 target price on shares of VNET Group in a report on Monday, March 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Finally, Bank of America reiterated a “buy” rating on shares of VNET Group in a research note on Monday, March 16th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.08.

VNET Group Stock Performance

The stock’s 50 day moving average is $10.22 and its 200 day moving average is $9.81. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of -31.78 and a beta of 0.16. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 2.68.

VNET Group (NASDAQ:VNET) last announced its earnings results on Monday, March 16th. The information technology services provider reported $0.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). VNET Group had a positive return on equity of 1.36% and a negative net margin of 2.48%.The business had revenue of $384.07 million for the quarter, compared to analyst estimates of $368.64 million. Analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current year.

Insider Activity

In other VNET Group news, Director David Lifeng Chen sold 83,544 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the transaction, the director owned 334,164 shares in the company, valued at $504,587.64. This represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC acquired a new position in shares of VNET Group during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC grew its position in shares of VNET Group by 52.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 1,426 shares in the last quarter. Allianz SE bought a new stake in shares of VNET Group during the 4th quarter worth approximately $50,000. Headlands Technologies LLC bought a new stake in shares of VNET Group during the 2nd quarter worth approximately $55,000. Finally, Raymond James Financial Inc. bought a new stake in shares of VNET Group during the 2nd quarter worth approximately $69,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Company Profile

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.