VNET Group (NASDAQ:VNET) Trading Up 4.1% - Should You Buy?

VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report)'s share price was up 4.1% during trading on Friday . The stock traded as high as $7.18 and last traded at $7.26. Approximately 452,227 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 5,100,763 shares. The stock had previously closed at $6.97.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on VNET shares. Citigroup boosted their price objective on shares of VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Wall Street Zen lowered shares of VNET Group from a "hold" rating to a "sell" rating in a research report on Saturday, July 5th. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $9.30.

VNET Group Trading Up 14.1%

The firm has a market capitalization of $2.14 billion, a PE ratio of -795.00, a P/E/G ratio of 1.31 and a beta of 0.14. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34. The business's fifty day moving average price is $6.26 and its 200 day moving average price is $7.35.

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) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The firm had revenue of $309.52 million for 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 last year, the firm earned ($0.28) earnings per share. As a group, analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group announced that its Board of Directors has approved a share repurchase program on Friday, June 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the information technology services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On VNET Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of VNET Group by 111.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,197 shares of the information technology services provider's stock worth $670,000 after acquiring an additional 42,710 shares during the period. Hsbc Holdings PLC purchased a new position in shares of VNET Group during the 4th quarter worth about $66,000. Cetera Investment Advisers purchased a new position in shares of VNET Group during the 4th quarter worth about $102,000. Oppenheimer & Co. Inc. purchased a new position in shares of VNET Group during the 1st quarter worth about $207,000. Finally, Barclays PLC lifted its holdings in shares of VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 4,939 shares during the period. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.