VNET Group (NASDAQ:VNET) Sees Strong Trading Volume – Here’s Why

Shares of VNET Group, Inc. (NASDAQ:VNET) saw strong trading volume on Wednesday . 8,601,919 shares were traded during trading, an increase of 132% from the previous session’s volume of 3,710,305 shares.The stock last traded at $5.06 and had previously closed at $5.77.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Citigroup increased their target price on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Nomura Securities upgraded shares of VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. Finally, StockNews.com lowered shares of VNET Group from a “hold” rating to a “sell” rating in a report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, VNET Group presently has an average rating of “Buy” and a consensus price target of $9.30.

VNET Group Stock Up 5.0 %

The stock’s 50-day moving average price is $10.04 and its 200-day moving average price is $6.28. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -2.74, a P/E/G ratio of 1.01 and a beta of 0.15.

VNET Group (NASDAQ:VNET) last released its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.04). VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The firm had revenue of $307.75 million during the quarter, compared to analyst estimates of $284.88 million. On average, sell-side analysts expect that VNET Group, Inc. will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

A number of hedge funds have recently added to or reduced their stakes in the business. Triata Capital Ltd acquired a new stake in shares of VNET Group during the 4th quarter worth approximately $47,377,000. D. E. Shaw & Co. Inc. bought a new stake in VNET Group in the fourth quarter valued at $7,183,000. Man Group plc acquired a new position in shares of VNET Group during the fourth quarter valued at about $5,094,000. Bank of America Corp DE boosted its position in shares of VNET Group by 610.2% during the 4th quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after purchasing an additional 1,029,963 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after buying an additional 852,519 shares during the period. 72.83% of the stock is currently owned by institutional investors.

About VNET Group

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.