21Vianet Sees Strong Trading Volume Following Analyst Upgrade (VNET)
21Vianet (NASDAQ:VNET) saw unusually-high trading volume on Thursday after Canaccord Genuity raised their price target on the stock from $31.00 to $35.00, American Banking News reports. Canaccord Genuity currently has a buy rating on the stock. Approximately 1,214,647 shares were traded during mid-day trading, an increase of 82% from the previous session’s volume of 668,711 shares.The stock last traded at $29.57 and had previously closed at $28.31.
Separately, analysts at Morgan Stanley reiterated an “overweight” rating on shares of 21Vianet in a research note on Thursday, June 5th. They now have a $35.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. 21Vianet presently has a consensus rating of “Buy” and a consensus price target of $32.75.
The stock’s 50-day moving average is $28.56 and its 200-day moving average is $27.16. The company’s market cap is $1.910 billion.
21Vianet (NASDAQ:VNET) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.05 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.65 by $0.60. The company had revenue of $106.10 million for the quarter, compared to the consensus estimate of $641.93 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The company’s quarterly revenue was up 38.2% on a year-over-year basis. On average, analysts predict that 21Vianet will post $3.17 earnings per share for the current fiscal year.
21Vianet Group, Inc, formerly AsiaCloud Inc, is a holding company. The Company is a carrier-neutral Internet data center services provider in the People’s Republic of China.
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