VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET – Get Free Report)’s share price was up 14.8% during mid-day trading on Wednesday. The stock traded as high as $3.31 and last traded at $3.4440. 705,236 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 6,257,019 shares. The stock had previously closed at $3.00.
Analyst Ratings Changes
A number of brokerages have weighed in on VNET. Weiss Ratings lowered VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 price objective on shares of VNET Group in a report on Wednesday, August 19th. Finally, UBS Group dropped their target price on VNET Group from $13.40 to $6.80 and set a “buy” rating on the stock in a research note on Friday, October 30th. Five investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.88.
Read Our Latest Stock Analysis on VNET Group
VNET Group Stock Performance
The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $975.66 million, a price-to-earnings ratio of -2.55 and a beta of 0.35. The stock’s 50-day moving average is $5.09 and its 200-day moving average is $8.09.
VNET Group (NASDAQ:VNET – Get Free Report) last issued its earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.04). VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. The firm had revenue of $409.00 million during the quarter, compared to analyst estimates of $401.77 million. Analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.51 EPS for the current fiscal year.
Institutional Investors Weigh In On VNET Group
A number of institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC boosted its position in shares of VNET Group by 26.8% in 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. Drive Wealth Management LLC acquired a new stake in shares of VNET Group during the third quarter worth $56,000. Oppenheimer & Co. Inc. bought a new stake in VNET Group in the third quarter worth approximately $62,000. Global Retirement Partners LLC increased its stake in shares of VNET Group by 384.6% in the third quarter. Global Retirement Partners LLC now owns 11,334 shares of the information technology services provider’s stock worth $63,000 after purchasing an additional 8,995 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of VNET Group during the 3rd quarter valued at $85,000. 72.83% of the stock is owned by institutional investors.
VNET Group Company Profile
VNET Group, Inc., formerly known as 21Vianet Group, is a Chinese provider of carrier-neutral data center and information technology services. The company operates data centers that support businesses’ computing, storage and connectivity needs. Its services include data center hosting and colocation, managed network services, cloud services and related IT solutions. VNET also provides connectivity between data centers, customers and internet service providers. The company serves enterprises and other organizations in China, with facilities in major markets across the country.
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