VNET Group (NASDAQ:VNET) Posts Earnings Results, Misses Expectations By $0.11 EPS

VNET Group (NASDAQ:VNET - Get Free Report) posted its quarterly earnings data on Wednesday. The information technology services provider reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.11), Zacks reports. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The business had revenue of $309.52 million during the quarter, compared to analysts' expectations of $2.22 billion. During the same period in the prior year, the firm posted ($0.28) EPS.

VNET Group Stock Performance

Shares of NASDAQ:VNET traded down $0.12 during midday trading on Friday, reaching $5.34. 5,143,262 shares of the company traded hands, compared to its average volume of 4,607,905. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group has a 12 month low of $1.71 and a 12 month high of $16.13. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -2.41, a price-to-earnings-growth ratio of 1.01 and a beta of 0.14. The firm's fifty day moving average price is $6.22 and its two-hundred day moving average price is $6.84.

Analysts Set New Price Targets

VNET has been the topic of several research reports. Nomura Securities upgraded VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. Citigroup boosted their target price on VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Finally, Wall Street Zen lowered VNET Group from a "hold" rating to a "sell" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $9.30.

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.