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

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

Wall Street Analysts Forecast Growth

VNET has been the topic of several recent analyst reports. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. StockNews.com upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Citigroup increased their target price on shares of VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research report 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, VNET Group presently has a consensus rating of "Buy" and an average price target of $9.30.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a 50-day moving average price of $8.08 and a 200 day moving average price of $6.51. The firm has a market cap of $1.82 billion, a PE ratio of -3.19, a P/E/G ratio of 1.01 and a beta of 0.15.

VNET Group (NASDAQ:VNET - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $307.75 million for the quarter, compared to analysts' expectations of $284.88 million. Research analysts forecast that VNET Group, Inc. will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

Several large investors have recently made changes to their positions in VNET. Triata Capital Ltd bought a new stake in VNET Group during the fourth quarter worth approximately $47,377,000. D. E. Shaw & Co. Inc. purchased a new stake in VNET Group during the fourth quarter valued at about $7,183,000. Man Group plc acquired a new position in VNET Group in the 4th quarter worth approximately $5,094,000. Bank of America Corp DE boosted its position in shares of VNET Group by 610.2% in the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider's stock worth $5,682,000 after buying an additional 1,029,963 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in 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 worth $4,690,000 after acquiring an additional 852,519 shares in the last quarter. 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.