VNET Group (NASDAQ:VNET) Shares Gap Up - Here's Why

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $5.96, but opened at $6.80. VNET Group shares last traded at $7.17, with a volume of 2,492,851 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on VNET shares. Nomura Securities upgraded VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. StockNews.com downgraded VNET Group from a "hold" rating to a "sell" rating in a report on Tuesday, May 6th. Finally, Citigroup increased their target price on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $9.30.

VNET Group Stock Up 24.2%

The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $1.91 billion, a PE ratio of -3.32, a P/E/G ratio of 1.01 and a beta of 0.14. The business has a fifty day moving average price of $7.58 and a two-hundred day moving average price of $6.61.

VNET Group (NASDAQ:VNET - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.04). The company had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. On average, analysts anticipate that VNET Group, Inc. will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Large investors have recently added to or reduced their stakes in the company. Barclays PLC grew its position in VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of VNET Group in the 4th quarter valued at about $41,000. Bingham Private Wealth LLC bought a new position in VNET Group during the first quarter worth about $86,000. Catalina Capital Group LLC bought a new position in VNET Group during the fourth quarter worth about $54,000. Finally, Hsbc Holdings PLC bought a new position in VNET Group during the fourth quarter worth about $66,000. Institutional investors and hedge funds own 72.83% of the company's stock.

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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