VNET Group (NASDAQ:VNET) Shares Gap Up – What’s Next?

VNET Group, Inc. (NASDAQ:VNET) shares gapped up before the market opened on Monday . The stock had previously closed at $5.96, but opened at $6.80. VNET Group shares last traded at $7.17, with a volume of 2,492,851 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VNET. Nomura Securities upgraded VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. StockNews.com lowered shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Tuesday, May 6th. Finally, Citigroup boosted their price objective 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 investment analyst has rated the stock with a sell rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, VNET Group presently has an average rating of “Buy” and a consensus target price of $9.30.

VNET Group Price Performance

The firm has a market capitalization of $1.64 billion, a P/E ratio of -2.88, a price-to-earnings-growth ratio of 1.01 and a beta of 0.14. The company has a 50-day moving average price of $7.36 and a 200-day moving average price of $6.63. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Wednesday, March 12th. The information technology services provider reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The business had revenue of $307.75 million during the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. On average, sell-side analysts predict that VNET Group, Inc. will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

Hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP bought a new stake in VNET Group during the first quarter worth $36,000. Summit Securities Group LLC purchased a new position in shares of VNET Group in the first quarter worth about $40,000. Barclays PLC grew its position in shares of 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 buying an additional 4,939 shares during the last quarter. Headlands Technologies LLC lifted its position in VNET Group by 5.7% during the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider’s stock valued at $685,000 after acquiring an additional 7,737 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of VNET Group by 7.1% during the first quarter. Invesco Ltd. now owns 119,104 shares of the information technology services provider’s stock valued at $977,000 after buying an additional 7,881 shares during the last quarter. 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.