VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s Why

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) gapped up prior to trading on Wednesday . The stock had previously closed at $9.33, but opened at $9.82. VNET Group shares last traded at $9.6450, with a volume of 2,145,381 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $23.55 price target on shares of VNET Group in a report on Monday. Bank of America reissued a “buy” rating on shares of VNET Group in a research note on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $18.08.

VNET Group Stock Up 4.3%

The firm’s fifty day simple moving average is $11.10 and its 200-day simple moving average is $9.90. The company has a market cap of $2.62 billion, a PE ratio of -33.60, a P/E/G ratio of 0.74 and a beta of 0.01. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Monday, March 16th. The information technology services provider reported $0.00 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). VNET Group had a positive return on equity of 1.38% and a negative net margin of 2.48%.The business had revenue of $384.07 million for the quarter, compared to analysts’ expectations of $368.64 million. As a group, equities research analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently made changes to their positions in VNET. Global Retirement Partners LLC acquired a new position in VNET Group in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC lifted its stake in shares of VNET Group by 52.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 1,426 shares during the period. Allianz SE acquired a new stake in shares of VNET Group during the fourth quarter worth $50,000. Headlands Technologies LLC purchased a new stake in shares of VNET Group in the second quarter valued at $55,000. Finally, Raymond James Financial Inc. acquired a new position in shares of VNET Group during the 2nd quarter valued at about $69,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.