VNET Group (NASDAQ:VNET) Trading 11.1% Higher – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) was up 11.1% on Wednesday . The stock traded as high as $13.34 and last traded at $13.4050. Approximately 5,740,930 shares were traded during trading, a decline of 0% from the average daily volume of 5,762,568 shares. The stock had previously closed at $12.07.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on VNET. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.30.

VNET Group Price Performance

The firm has a 50-day moving average of $10.12 and a 200-day moving average of $9.40. The stock has a market cap of $3.71 billion, a PE ratio of -46.00, a PEG ratio of 1.11 and a beta of 0.01. The company has a debt-to-equity ratio of 2.88, a current ratio of 0.90 and a quick ratio of 0.90.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. The business had revenue of $362.63 million during the quarter, compared to the consensus estimate of $335.87 million. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%. Research analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current year.

Institutional Trading of VNET Group

Several hedge funds have recently bought and sold shares of VNET. Stifel Financial Corp boosted its holdings in shares of VNET Group by 5.5% during the 4th quarter. Stifel Financial Corp now owns 85,102 shares of the information technology services provider’s stock valued at $720,000 after purchasing an additional 4,434 shares during the last quarter. State Street Corp lifted its position in shares of VNET Group by 6.7% in the fourth quarter. State Street Corp now owns 927,639 shares of the information technology services provider’s stock worth $7,850,000 after buying an additional 58,089 shares in the last quarter. Vontobel Holding Ltd. bought a new position in VNET Group during the fourth quarter valued at approximately $845,000. Pinpoint Asset Management Singapore Pte. Ltd. grew its holdings in VNET Group by 1,849.6% during the 4th quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 764,056 shares of the information technology services provider’s stock valued at $6,464,000 after buying an additional 724,865 shares in the last quarter. Finally, Allianz SE bought a new stake in VNET Group in the 4th quarter worth approximately $50,000. Hedge funds and other institutional investors 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.