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

VNET Group, Inc. (NASDAQ:VNET) gapped up before the market opened on Friday . The stock had previously closed at $3.51, but opened at $3.72. VNET Group shares last traded at $3.61, with a volume of 93,707 shares.

Analyst Upgrades and Downgrades

Several analysts recently commented on VNET shares. Citigroup began coverage on VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price on the stock. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective on the stock in a research note on Wednesday, October 9th. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, VNET Group has a consensus rating of “Buy” and an average price target of $3.97.

VNET Group Stock Up 0.6 %

The stock has a fifty day moving average of $2.99 and a 200-day moving average of $2.32. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $908.62 million, a price-to-earnings ratio of -1.50, a PEG ratio of 8.29 and a beta of -0.30.

VNET Group (NASDAQ:VNET) last announced its earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. The company had revenue of $274.35 million for the quarter, compared to the consensus estimate of $266.56 million. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. As a group, sell-side analysts expect that VNET Group, Inc. will post 0.02 EPS for the current year.

Institutional Investors Weigh In On VNET Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Inspire Investing LLC bought a new position in VNET Group during the third quarter valued at about $1,092,000. Catalina Capital Group LLC bought a new position in shares of VNET Group in the 1st quarter valued at approximately $26,000. Susquehanna Fundamental Investments LLC acquired a new stake in VNET Group in the 1st quarter worth approximately $328,000. Millennium Management LLC boosted its position in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after purchasing an additional 1,400,683 shares during the period. Finally, Ballentine Partners LLC acquired a new position in VNET Group during the second quarter valued at approximately $36,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

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.