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

VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $5.91, but opened at $6.18. VNET Group shares last traded at $6.30, with a volume of 4,401,295 shares.

Analyst Upgrades and Downgrades

VNET has been the subject of a number of analyst reports. Wall Street Zen upgraded VNET Group from a "sell" rating to a "hold" rating in a research report on Sunday, June 15th. Citigroup boosted their price objective on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. One equities 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, the stock presently has a consensus rating of "Buy" and an average target price of $9.30.

VNET Group Price Performance

The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.34. The stock has a market cap of $1.85 billion, a PE ratio of -686.50, a P/E/G ratio of 1.13 and a beta of 0.09. The company has a fifty day moving average of $5.88 and a 200-day moving average of $7.08.

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) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The business had revenue of $309.52 million during the quarter, compared to analyst estimates of $2.22 billion. VNET Group had a return on equity of 2.11% and a net margin of 1.66%. During the same quarter last year, the firm earned ($0.28) EPS. Sell-side analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 4,939 shares during the period. Quantbot Technologies LP acquired a new position in VNET Group in the first quarter valued at $36,000. Summit Securities Group LLC acquired a new stake in shares of VNET Group during the first quarter worth about $40,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of VNET Group during the fourth quarter worth about $41,000. Finally, Hsbc Holdings PLC acquired a new position in VNET Group in the 4th quarter valued at 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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