VNET Group (NASDAQ:VNET) to Repurchase $0.00 in Shares

VNET Group (NASDAQ:VNET - Get Free Report) announced that its Board of Directors has authorized a share repurchase 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

VNET Group Price Performance

Shares of VNET stock traded down $0.08 during trading hours on Monday, hitting $6.90. 11,513,361 shares of the company's stock were exchanged, compared to its average volume of 8,247,996. VNET Group has a 52 week low of $1.71 and a 52 week high of $16.13. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -690.00, a price-to-earnings-growth ratio of 1.31 and a beta of 0.09. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10. The stock's 50-day moving average is $5.92 and its 200-day moving average is $7.15.

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

Analysts Set New Price Targets

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

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.