VNET Group (NASDAQ:VNET) Shares Up 6.3% - Here's What Happened

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) traded up 6.3% on Tuesday . The company traded as high as $5.60 and last traded at $5.78. 89,379 shares changed hands during trading, a decline of 98% from the average session volume of 4,086,578 shares. The stock had previously closed at $5.44.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on VNET. StockNews.com upgraded VNET Group from a "sell" rating to a "hold" rating in a research note on Monday. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a report on Friday, February 21st. Finally, Citigroup increased their price target on shares of VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a report on Friday, March 14th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $9.30.

VNET Group Price Performance

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $1.79 billion, a PE ratio of -3.16, a PEG ratio of 1.01 and a beta of 0.15. The stock has a 50-day moving average price of $8.21 and a 200 day moving average price of $6.44.

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

Institutional Investors Weigh In On VNET Group

Several large investors have recently bought and sold shares of VNET. Diversify Wealth Management LLC acquired a new stake in shares of VNET Group in the first quarter worth approximately $1,258,000. Personal CFO Solutions LLC acquired a new stake in VNET Group during the 1st quarter worth $259,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of VNET Group during the first quarter worth $2,460,000. Beverly Hills Private Wealth LLC acquired a new stake in shares of VNET Group in the first quarter valued at about $228,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of VNET Group in the first quarter valued at about $1,652,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.