VNET Group (NASDAQ:VNET) Shares Gap Up - Should You Buy?

VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $7.92, but opened at $9.01. VNET Group shares last traded at $8.50, with a volume of 8,412,126 shares traded.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded VNET Group from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $9.30.

VNET Group Trading Up 2.3%

The company has a fifty day simple moving average of $6.43 and a two-hundred day simple moving average of $7.47. 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 company has a market cap of $2.41 billion, a PE ratio of -891.40, a P/E/G ratio of 1.65 and a beta of 0.14.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $2.22 billion. During the same quarter last year, the company earned ($0.28) EPS. Analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current year.

VNET Group announced that its board has authorized a share buyback plan on Friday, June 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the information technology services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of VNET Group

A number of hedge funds and other institutional investors have recently bought and sold shares of VNET. Barclays PLC raised its stake in VNET Group by 229.3% in the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after buying an additional 4,939 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in VNET Group in the second quarter valued at $34,000. Quantbot Technologies LP acquired a new stake in VNET Group in the first quarter valued at $36,000. Summit Securities Group LLC acquired a new stake in VNET Group in the first quarter valued at $40,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in VNET Group in the fourth quarter valued at $41,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.