VNET Group (NASDAQ:VNET) Shares Up 8.5% - Still a Buy?

Shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report) were up 8.5% on Tuesday . The stock traded as high as $5.83 and last traded at $5.91. Approximately 1,596,742 shares changed hands during trading, a decline of 66% from the average daily volume of 4,735,749 shares. The stock had previously closed at $5.45.

Wall Street Analyst Weigh In

A number of research firms have commented on VNET. Wall Street Zen upgraded VNET Group from a "sell" rating to a "hold" rating in a research note on Sunday, June 15th. Citigroup upped their price objective on shares of VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a report on Friday, March 14th. 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 stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $9.30.

VNET Group Price Performance

The stock has a 50 day moving average of $5.84 and a 200-day moving average of $7.08. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $1.57 billion, a PE ratio of -584.00, a price-to-earnings-growth ratio of 1.21 and a beta of 0.09.

VNET Group (NASDAQ:VNET - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The firm had revenue of $309.52 million during the quarter, compared to analysts' expectations 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 in the previous year, the business earned ($0.28) earnings per share. Equities analysts predict that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current year.

Institutional Trading of VNET Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Triata Capital Ltd acquired a new stake in shares of VNET Group in the fourth quarter worth $47,377,000. Canada Pension Plan Investment Board purchased a new stake in VNET Group in the first quarter valued at $27,463,000. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in VNET Group during the 1st quarter worth about $27,210,000. Royal Bank of Canada raised its stake in shares of VNET Group by 2,304,491.9% during the 1st quarter. Royal Bank of Canada now owns 1,705,398 shares of the information technology services provider's stock valued at $13,985,000 after buying an additional 1,705,324 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of VNET Group during the 4th quarter valued at about $7,183,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.