VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET – Get Free Report) rose 15.5% during trading on Wednesday. The company traded as high as $3.51 and last traded at $3.4420. Approximately 1,298,203 shares traded hands during trading, a decline of 79% from the average daily volume of 6,216,874 shares. The stock had previously closed at $2.98.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on VNET shares. UBS Group cut their target price on shares of VNET Group from $13.40 to $6.80 and set a “buy” rating for the company in a report on Friday, October 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of VNET Group in a report on Tuesday, July 7th. They set a “buy” rating and a $12.50 price target on the stock. Weiss Ratings lowered shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $14.00 price objective on shares of VNET Group in a report on Wednesday, August 19th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, VNET Group currently has a consensus rating of “Moderate Buy” and an average price target of $14.88.
Read Our Latest Stock Report on VNET
VNET Group Trading Up 19.5%
The firm has a market cap of $963.49 million, a price-to-earnings ratio of -2.51 and a beta of 0.35. The company’s 50-day moving average price is $5.42 and its 200-day moving average price is $8.27. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.35.
VNET Group (NASDAQ:VNET – Get Free Report) last released its quarterly earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04). The company had revenue of $409.00 million for the quarter, compared to analyst estimates of $401.77 million. VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. Equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.48 EPS for the current fiscal year.
Hedge Funds Weigh In On VNET Group
A number of hedge funds have recently made changes to their positions in VNET. Leonteq Securities AG purchased a new position in VNET Group in the 1st quarter valued at $25,000. Parallel Advisors LLC boosted its stake in VNET Group by 26.8% during the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 1,160 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in VNET Group during the 3rd quarter worth $62,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of VNET Group during the third quarter worth $85,000. Finally, Nykredit A S purchased a new stake in shares of VNET Group during the second quarter worth $89,000. Institutional investors and hedge funds own 72.83% of the company’s stock.
About VNET Group
VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a provider of data center and information technology infrastructure services in China. Founded in 1999, the company operates carrier-neutral data centers that allow customers to house servers and other equipment while connecting to multiple telecommunications and internet networks.
VNET’s services include data center hosting, cloud computing, managed network services, internet connectivity, content delivery and hybrid cloud solutions.
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