VNET Group (NASDAQ:VNET) Shares Up 8.4% – Time to Buy?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price traded up 8.4% during mid-day trading on Thursday . The stock traded as high as $10.21 and last traded at $10.0950. 2,517,660 shares were traded during mid-day trading, a decline of 23% from the average session volume of 3,259,943 shares. The stock had previously closed at $9.31.

Analysts Set New Price Targets

Several brokerages recently weighed in on VNET. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research note on Monday, December 29th. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.30.

VNET Group Stock Up 10.3%

The company has a debt-to-equity ratio of 2.88, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a 50 day simple moving average of $9.01 and a 200-day simple moving average of $8.73. The firm has a market cap of $2.76 billion, a PE ratio of -34.28, a PEG ratio of 0.94 and a beta of -0.02.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. The firm had revenue of $362.63 million during the quarter, compared to the consensus estimate of $335.87 million. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%. Sell-side analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Several institutional investors and hedge funds have recently made changes to their positions in VNET. Royal Bank of Canada raised its holdings in VNET Group by 2,304,491.9% in the 1st quarter. Royal Bank of Canada now owns 1,705,398 shares of the information technology services provider’s stock worth $13,985,000 after acquiring an additional 1,705,324 shares during the last quarter. Amundi bought a new stake in shares of VNET Group in the 1st quarter worth $5,093,000. Caxton Associates LLP bought a new stake in shares of VNET Group in the 1st quarter worth $892,000. Ascent Group LLC purchased a new position in shares of VNET Group in the first quarter worth $98,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of VNET Group during the second quarter valued at $90,000. Institutional investors own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.