Wall Street Zen Upgrades VNET Group (NASDAQ:VNET) to Hold

VNET Group (NASDAQ:VNET - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Sunday.

VNET Group Stock Performance

VNET opened at $7.95 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.34. VNET Group has a 12-month low of $1.71 and a 12-month high of $16.13. The firm has a 50 day moving average of $6.26 and a two-hundred day moving average of $7.37. The firm has a market capitalization of $2.14 billion, a PE ratio of -795.00, a P/E/G ratio of 1.49 and a beta of 0.14.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its 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 company had revenue of $309.52 million during 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 in the previous year, the company earned ($0.28) EPS. On average, analysts anticipate that VNET Group will post -0.06 EPS for the current year.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in shares of VNET Group in the 1st quarter valued at about $36,000. Summit Securities Group LLC acquired a new stake in VNET Group in the first quarter valued at approximately $40,000. Farther Finance Advisors LLC purchased a new stake in shares of VNET Group in the second quarter valued at approximately $34,000. Barclays PLC increased its position in shares of 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 buying an additional 4,939 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of VNET Group during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 72.83% of the company's stock.

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.

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