VNET Group (NASDAQ:VNET) Shares Climb 6.9% – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) rose 6.9% on Monday. The company traded as high as $3.87 and last traded at $3.9660. 613,477 shares traded hands during trading, a decline of 90% from the average session volume of 6,218,329 shares. The stock had previously closed at $3.71.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Morgan Stanley restated an “overweight” rating and set a $14.00 price target on shares of VNET Group in a research report on Wednesday, August 19th. Deutsche Bank Aktiengesellschaft began coverage on shares of VNET Group in a research note on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price objective on the stock. Finally, Weiss Ratings lowered VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, September 1st. Four research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.90.

VNET Group Trading Up 7.1%

The company has a 50 day moving average of $5.89 and a 200 day moving average of $7.63. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $1.08 billion, a P/E ratio of -2.79 and a beta of 0.23.

VNET Group (NASDAQ:VNET) last posted its earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The firm had revenue of $409.00 million during the quarter, compared to the consensus estimate of $401.77 million. VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. Analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On VNET Group

A number of hedge funds have recently made changes to their positions in VNET. Leonteq Securities AG bought a new stake in shares of VNET Group during the first quarter worth about $25,000. Parallel Advisors LLC raised its position 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 worth $46,000 after acquiring an additional 1,160 shares during the last quarter. Nykredit A S acquired a new position in shares of VNET Group in the second quarter worth approximately $89,000. Lido Advisors LLC acquired a new stake in shares of VNET Group during the first quarter worth $126,000. Finally, Blue Trust Inc. lifted its stake in shares of VNET Group by 38.4% in the 1st quarter. Blue Trust Inc. now owns 17,791 shares of the information technology services provider’s stock valued at $149,000 after purchasing an additional 4,932 shares during the period. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.