VNET Group (NASDAQ:VNET) Rating Increased to Hold at Zacks Research

VNET Group (NASDAQ:VNET) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

VNET has been the topic of a number of other research reports. Jefferies Financial Group restated a “buy” rating and set a $24.79 target price on shares of VNET Group in a report on Tuesday. Wall Street Zen upgraded VNET Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Morgan Stanley restated an “overweight” rating and set a $16.00 target price on shares of VNET Group in a report on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Finally, Bank of America set a $16.30 price objective on VNET Group and gave the company a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, VNET Group currently has a consensus rating of “Hold” and an average price target of $19.03.

VNET Group Price Performance

Shares of VNET opened at $10.62 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 3.99. VNET Group has a 1 year low of $5.14 and a 1 year high of $14.48. The stock has a market cap of $2.87 billion, a P/E ratio of -7.75 and a beta of 0.19. The stock’s 50-day moving average price is $9.09 and its two-hundred day moving average price is $9.73.

VNET Group (NASDAQ:VNET) last issued its earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($1.17). VNET Group had a negative return on equity of 31.59% and a negative net margin of 22.01%.The company had revenue of $390.32 million for the quarter, compared to the consensus estimate of $388.47 million. On average, equities analysts predict that VNET Group will post 0.23 earnings per share for the current year.

Insider Transactions at VNET Group

In related news, Director David Lifeng Chen sold 83,544 shares of VNET Group stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $1.51, for a total value of $126,151.44. Following the sale, the director owned 334,164 shares of the company’s stock, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 12.10% of the company’s stock.

Institutional Investors Weigh In On VNET Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Liontrust Investment Partners LLP increased its position in shares of VNET Group by 40.1% during the 1st quarter. Liontrust Investment Partners LLP now owns 56,929 shares of the information technology services provider’s stock worth $478,000 after purchasing an additional 16,286 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of VNET Group by 15.4% during the 1st quarter. Bank of America Corp DE now owns 642,612 shares of the information technology services provider’s stock worth $5,392,000 after acquiring an additional 85,780 shares during the last quarter. Janus Henderson Group PLC acquired a new position in shares of VNET Group during the 1st quarter worth approximately $1,809,000. Amundi increased its holdings in shares of VNET Group by 30.1% during the 1st quarter. Amundi now owns 248,802 shares of the information technology services provider’s stock worth $2,087,000 after acquiring an additional 57,616 shares during the last quarter. Finally, Regal Partners Ltd acquired a new position in shares of VNET Group during the 1st quarter worth approximately $3,095,000. 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.