VNET Group (NASDAQ:VNET) Raised to “Hold” at Zacks Research

VNET Group (NASDAQ:VNET) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Wall Street Zen raised shares of VNET Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Jefferies Financial Group reissued a “buy” rating and set a $24.79 price target on shares of VNET Group in a report on Tuesday. Bank of America set a $16.30 price target on shares of VNET Group and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Finally, Morgan Stanley reissued an “overweight” rating and set a $16.00 price target on shares of VNET Group in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, VNET Group has a consensus rating of “Hold” and a consensus price target of $19.03.

VNET Group Trading Down 0.8%

Shares of VNET stock opened at $10.62 on Wednesday. VNET Group has a 12-month low of $5.14 and a 12-month high of $14.48. The company has a market capitalization of $2.87 billion, a P/E ratio of -7.75 and a beta of 0.19. The firm has a 50-day moving average price of $9.09 and a 200 day moving average price of $9.73. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 3.99.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($1.17). VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. The firm had revenue of $390.32 million for the quarter, compared to the consensus estimate of $388.47 million. Research analysts forecast that VNET Group will post 0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other VNET Group news, Director David Lifeng Chen sold 83,544 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $1.51, for a total value of $126,151.44. Following the completion of the sale, the director owned 334,164 shares in the company, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 12.10% of the company’s stock.

Institutional Investors Weigh In On VNET Group

Several institutional investors have recently modified their holdings of the business. Liontrust Investment Partners LLP grew its position in shares of VNET Group by 40.1% during the 1st quarter. Liontrust Investment Partners LLP now owns 56,929 shares of the information technology services provider’s stock worth $478,000 after buying an additional 16,286 shares during the period. Bank of America Corp DE grew its position in shares of VNET Group by 15.4% during the 1st quarter. Bank of America Corp DE now owns 642,612 shares of the information technology services provider’s stock worth $5,392,000 after buying an additional 85,780 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of VNET Group during the 1st quarter worth approximately $1,809,000. Amundi grew its position in shares of VNET Group by 30.1% during the 1st quarter. Amundi now owns 248,802 shares of the information technology services provider’s stock worth $2,087,000 after buying an additional 57,616 shares during the period. Finally, Regal Partners Ltd acquired a new stake in shares of VNET Group during the 1st quarter worth approximately $3,095,000. Institutional investors and hedge funds 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.