VNET Group (NASDAQ:VNET) Shares Gap Up – Time to Buy?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $8.87, but opened at $9.45. VNET Group shares last traded at $9.8650, with a volume of 2,636,523 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VNET. Zacks Research upgraded VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Bank of America set a $16.30 price target on VNET Group and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Jefferies Financial Group restated a “buy” rating and issued a $24.79 price target on shares of VNET Group in a research note on Tuesday, May 26th. Finally, Morgan Stanley restated an “overweight” rating and issued a $16.00 price target on shares of VNET Group in a research note on Wednesday, May 27th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.03.

VNET Group Stock Up 1.1%

The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 3.99. The company has a market cap of $2.43 billion, a P/E ratio of -6.53 and a beta of 0.24. The company has a fifty day moving average of $9.21 and a 200 day moving average of $9.77.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $390.32 million during the quarter, compared to the consensus estimate of $388.47 million. On average, research analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post 0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at VNET Group

In related news, Director David Lifeng Chen sold 83,544 shares of VNET Group stock in a transaction 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 completion of the sale, the director owned 334,164 shares of the company’s stock, valued at $504,587.64. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sean Shao sold 60,000 shares of VNET Group stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1.71, for a total value of $102,600.00. Following the completion of the sale, the director directly owned 983,820 shares of the company’s stock, valued at $1,682,332.20. The trade was a 5.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 152,616 shares of company stock valued at $244,083 in the last ninety days. 12.10% of the stock is currently owned by corporate insiders.

Institutional Trading of VNET Group

Hedge funds have recently bought and sold shares of the stock. Leonteq Securities AG bought a new stake in VNET Group during the first quarter valued at about $25,000. Global Retirement Partners LLC bought a new stake in VNET Group during the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC grew its holdings in VNET Group by 52.2% during the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 1,426 shares during the period. Parallel Advisors LLC grew its holdings in 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 valued at $46,000 after purchasing an additional 1,160 shares during the period. Finally, Allianz SE bought a new stake in VNET Group during the fourth quarter valued at about $50,000. Institutional investors own 72.83% of the company’s stock.

About VNET Group

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.