VNET Group (NASDAQ:VNET) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of VNET Group (NASDAQ:VNET - Free Report) from a sell rating to a hold rating in a research note issued to investors on Sunday.

VNET Group Stock Performance

NASDAQ:VNET traded down $0.25 during mid-day trading on Friday, reaching $8.79. The company's stock had a trading volume of 8,580,233 shares, compared to its average volume of 5,303,647. VNET Group has a 12-month low of $1.71 and a 12-month high of $16.13. The firm's fifty day moving average price is $6.32 and its two-hundred day moving average price is $7.43. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.34. The stock has a market cap of $2.36 billion, a P/E ratio of -879.00, a PEG 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). The business 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 period last year, the firm posted ($0.28) EPS. On average, equities analysts forecast that VNET Group will post -0.06 EPS for the current fiscal year.

VNET Group declared that its Board of Directors has initiated a share buyback plan on Friday, June 27th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the information technology services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio grew its stake in shares of VNET Group by 16.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 14,600 shares of the information technology services provider's stock valued at $101,000 after acquiring an additional 2,100 shares during the period. Quantbot Technologies LP bought a new position in VNET Group in the 1st quarter worth approximately $36,000. Summit Securities Group LLC bought a new position in VNET Group in the 1st quarter worth approximately $40,000. Barclays PLC boosted its stake in VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 4,939 shares during the period. Finally, Farther Finance Advisors LLC bought a new position in VNET Group in the 2nd quarter worth approximately $34,000. 72.83% of the stock is currently owned by 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.