VNET Group (NASDAQ:VNET) Shares Up 6.7% - What's Next?

VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report) shares traded up 6.7% during trading on Wednesday . The company traded as high as $7.19 and last traded at $7.06. 2,747,476 shares traded hands during trading, a decline of 44% from the average session volume of 4,933,142 shares. The stock had previously closed at $6.61.

Analysts Set New Price Targets

A number of analysts have commented on the company. Citigroup boosted their price objective on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Wall Street Zen lowered VNET Group from a "hold" rating to a "sell" rating in a report on Saturday. One analyst has rated the stock with a sell rating, four have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group Trading Up 9.5%

The company has a market capitalization of $2.08 billion, a P/E ratio of -775.00, a price-to-earnings-growth ratio of 1.46 and a beta of 0.14. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a fifty day moving average price of $6.13 and a 200-day moving average price of $7.22.

VNET Group (NASDAQ:VNET - Get Free Report) last released its earnings results 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 business had revenue of $309.52 million during the quarter, compared to the consensus estimate of $2.22 billion. VNET Group had a net margin of 1.66% and a return on equity of 2.11%. During the same period in the prior year, the company earned ($0.28) earnings per share. On average, equities research analysts anticipate that VNET Group, Inc. - Unsponsored ADR will post -0.06 earnings per share for the current year.

VNET Group declared that its board has approved a stock repurchase plan on Friday, June 27th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the information technology services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On VNET Group

Several institutional investors have recently bought and sold shares of VNET. Barclays PLC lifted its stake in VNET Group by 229.3% in the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 4,939 shares during the last quarter. Quantbot Technologies LP purchased a new position in VNET Group in the first quarter valued at approximately $36,000. Summit Securities Group LLC purchased a new position in VNET Group in the first quarter valued at approximately $40,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in VNET Group in the fourth quarter valued at approximately $41,000. Finally, Hsbc Holdings PLC purchased a new position in VNET Group in the fourth quarter valued at approximately $66,000. Hedge funds and other institutional investors 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.