Shares of VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report) were up 8.5% during trading on Tuesday . The company traded as high as $5.83 and last traded at $5.91. Approximately 1,596,742 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 4,735,749 shares. The stock had previously closed at $5.45.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on VNET shares. Wall Street Zen upgraded VNET Group from a "sell" rating to a "hold" rating in a research report on Sunday, June 15th. Citigroup upped their target price on shares of VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research note on Friday, March 14th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $9.30.
View Our Latest Research Report on VNET Group
VNET Group Trading Up 18.1%
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 stock has a market cap of $1.88 billion, a P/E ratio of -698.00, a P/E/G ratio of 1.13 and a beta of 0.09. The company has a 50-day simple moving average of $5.88 and a 200-day simple moving average of $7.08.
VNET Group (NASDAQ:VNET - Get Free Report) last announced its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The company had revenue of $309.52 million during the quarter, compared to the consensus estimate of $2.22 billion. VNET Group had a return on equity of 2.11% and a net margin of 1.66%. During the same period in the prior year, the firm posted ($0.28) earnings per share. On average, sell-side analysts forecast that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in VNET. Los Angeles Capital Management LLC acquired a new position in shares of VNET Group in the fourth quarter valued at approximately $294,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in VNET Group by 472.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 278,801 shares of the information technology services provider's stock worth $1,322,000 after purchasing an additional 230,068 shares during the period. American Century Companies Inc. increased its holdings in VNET Group by 20.4% during the 4th quarter. American Century Companies Inc. now owns 474,929 shares of the information technology services provider's stock worth $2,251,000 after purchasing an additional 80,516 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock valued at $4,690,000 after purchasing an additional 852,519 shares during the period. Finally, Norges Bank bought a new stake in shares of VNET Group in the fourth quarter valued at about $1,708,000. 72.83% of the stock is owned by institutional investors and hedge funds.
About VNET Group
(
Get Free Report)
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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