VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET – Get Free Report)’s share price traded up 9.7% on Wednesday . The company traded as high as $8.76 and last traded at $8.8190. Approximately 2,372,828 shares changed hands during trading, a decline of 67% from the average session volume of 7,149,912 shares. The stock had previously closed at $8.04.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on VNET. Bank of America set a $16.30 price target on VNET Group and gave the company a “buy” rating in a report on Tuesday, May 26th. Wall Street Zen lowered VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Jefferies Financial Group reiterated a “buy” rating and issued a $24.79 price objective on shares of VNET Group in a research report on Tuesday, May 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Finally, Zacks Research upgraded VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $19.03.
Check Out Our Latest Research Report on VNET
VNET Group Price Performance
VNET Group (NASDAQ:VNET – Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.03) by ($1.17). The company had revenue of $390.32 million during the quarter, compared to analysts’ expectations of $388.47 million. VNET Group had a negative return on equity of 31.59% and a negative net margin of 22.01%. On average, equities analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.24 EPS for the current year.
Insider Activity at VNET Group
In other news, Director Sean Shao sold 60,000 shares of the firm’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 completion of the transaction, the director owned 983,820 shares in the company, valued at $1,682,332.20. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.10% of the stock is currently owned by insiders.
Institutional Investors Weigh In On VNET Group
Several hedge funds and other institutional investors have recently added to or reduced their stakes in VNET. Sei Investments Co. grew its holdings in VNET Group by 3.0% in the first quarter. Sei Investments Co. now owns 37,602 shares of the information technology services provider’s stock worth $316,000 after purchasing an additional 1,098 shares during the period. Parallel Advisors LLC increased its stake in shares of VNET Group by 26.8% during the first quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 1,160 shares in the last quarter. Orion Porfolio Solutions LLC lifted its holdings in shares of VNET Group by 6.1% during the third quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider’s stock valued at $222,000 after purchasing an additional 1,237 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of VNET Group by 52.2% in 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. Finally, Raymond James Financial Inc. boosted its position in shares of VNET Group by 14.5% in the 3rd quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider’s stock worth $118,000 after purchasing an additional 1,446 shares in the last quarter. 72.83% of the stock is owned by hedge funds and other institutional investors.
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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