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

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

VNET Group Price Performance

NASDAQ:VNET opened at $7.95 on Friday. VNET Group has a one year low of $1.71 and a one year high of $16.13. The stock has a market cap of $2.14 billion, a PE ratio of -795.00, a P/E/G ratio of 1.49 and a beta of 0.14. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50 day moving average price of $6.26 and a 200 day moving average price of $7.40.

VNET Group (NASDAQ:VNET) last issued its earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (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 analyst estimates 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 business earned ($0.28) earnings per share. Equities research analysts expect that VNET Group will post -0.06 EPS for the current fiscal 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 reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Barclays PLC raised its position in 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 purchasing an additional 4,939 shares during the period. Farther Finance Advisors LLC purchased a new stake in VNET Group in the 2nd quarter valued at about $34,000. Quantbot Technologies LP acquired a new position in VNET Group in the first quarter valued at about $36,000. Summit Securities Group LLC purchased a new position in VNET Group during the first quarter worth about $40,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in VNET Group during the fourth quarter worth about $41,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.