VNET Group (NASDAQ:VNET) Board Initiates Stock Buyback Plan

VNET Group (NASDAQ:VNET - Get Free Report) declared that its board has initiated a share buyback plan on Friday, June 27th, RTT News reports. The company plans to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Citigroup boosted their target price on VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a report on Friday, March 14th. Wall Street Zen raised VNET Group from a "sell" rating to a "hold" rating in a report on Sunday, June 15th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $9.30.

VNET Group Price Performance

VNET stock traded up $1.07 during trading on Friday, reaching $6.98. 20,310,706 shares of the company were exchanged, compared to its average volume of 4,875,846. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10. The stock's 50 day moving average price is $5.92 and its 200 day moving average price is $7.10. VNET Group has a 52-week low of $1.71 and a 52-week high of $16.13. The company has a market cap of $1.88 billion, a P/E ratio of -698.00, a PEG ratio of 1.11 and a beta of 0.09.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The company had revenue of $309.52 million for the quarter, compared to analyst estimates of $2.22 billion. VNET Group had a net margin of 1.66% and a return on equity of 2.11%. During the same quarter in the previous year, the business posted ($0.28) earnings per share. As a group, analysts predict that VNET Group will post -0.06 earnings per share for the current fiscal year.

VNET Group Company Profile

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.

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