VNET Group (NASDAQ:VNET) Shares Up 9.2% – Still a Buy?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) shares shot up 9.2% during mid-day trading on Wednesday . The stock traded as high as $11.97 and last traded at $12.1410. 5,411,277 shares traded hands during trading, a decline of 8% from the average session volume of 5,861,194 shares. The stock had previously closed at $11.12.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on VNET shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research report on Monday, December 29th. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.30.

VNET Group Price Performance

The firm has a market cap of $2.84 billion, a price-to-earnings ratio of -35.20, a P/E/G ratio of 1.17 and a beta of -0.02. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.88. The stock’s fifty day moving average price is $9.16 and its 200-day moving average price is $8.95.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. The company had revenue of $362.63 million during the quarter, compared to analyst estimates of $335.87 million. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%. As a group, equities research analysts forecast that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Orion Porfolio Solutions LLC boosted its stake in VNET Group by 6.1% during the third quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider’s stock worth $222,000 after buying an additional 1,237 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 1,426 shares during the last quarter. Raymond James Financial Inc. boosted its position in shares of VNET Group by 14.5% during the 3rd quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider’s stock worth $118,000 after purchasing an additional 1,446 shares during the period. Public Employees Retirement System of Ohio increased its holdings in VNET Group by 16.8% in 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 purchasing an additional 2,100 shares during the last quarter. Finally, Bingham Private Wealth LLC increased its holdings in VNET Group by 24.3% in the 2nd quarter. Bingham Private Wealth LLC now owns 13,050 shares of the information technology services provider’s stock valued at $90,000 after purchasing an additional 2,547 shares during the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.