21Vianet Group Inc. (NASDAQ:VNET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “21Vianet Group, Inc. operates as a carrier-neutral Internet data center services provider in China. It provides hosting and related services, managed network services and cloud computing infrastructure. The Company’s infrastructure is interconnected with the networks operated by all of China’s telecommunications carriers, major non-carriers and local Internet service providers, or ISPs. 21Vianet Group, Incorporation. Its customers include Internet companies, government entities, blue-chip enterprises, and small-to mid-sized enterprises. 21Vianet Group, Inc. is headquartered in Beijing, the Peoples’ Republic of China. “

Several other analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of 21Vianet Group from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $21.00 to $5.60 in a research report on Wednesday, August 17th. Morgan Stanley began coverage on shares of 21Vianet Group in a report on Friday, July 8th. They issued an “underweight” rating and a $8.00 target price on the stock.

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Shares of 21Vianet Group (NASDAQ:VNET) opened at 7.03 on Wednesday. 21Vianet Group has a 12-month low of $6.77 and a 12-month high of $21.32. The stock has a 50 day moving average of $8.22 and a 200 day moving average of $12.11. The company’s market cap is $800.36 million.

21Vianet Group (NASDAQ:VNET) last issued its quarterly earnings results on Tuesday, August 16th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by $0.08. The business had revenue of $137.10 million for the quarter, compared to analyst estimates of $127.83 million. 21Vianet Group had a negative return on equity of 5.56% and a negative net margin of 11.56%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.02) EPS. Analysts forecast that 21Vianet Group will post ($0.59) earnings per share for the current year.

A number of hedge funds have recently modified their holdings of VNET. Quantitative Investment Management LLC boosted its stake in shares of 21Vianet Group by 469.1% in the second quarter. Quantitative Investment Management LLC now owns 77,400 shares of the company’s stock valued at $790,000 after buying an additional 63,800 shares during the period. Quantitative Systematic Strategies LLC purchased a new stake in shares of 21Vianet Group during the second quarter valued at $152,000. Kassirer Asset Management Corp purchased a new stake in shares of 21Vianet Group during the second quarter valued at $102,000. Bank of Montreal Can purchased a new stake in shares of 21Vianet Group during the second quarter valued at $1,392,000. Finally, First Manhattan Co. purchased a new stake in shares of 21Vianet Group during the second quarter valued at $14,071,000. 28.64% of the stock is currently owned by hedge funds and other institutional investors.

21Vianet Group Company Profile

21Vianet Group, Inc is a carrier-neutral Internet data center services provider. The Company hosts its customers’ servers and networking equipment and provides interconnectivity. The Company also provides managed network services to enable customers to deliver data across the Internet through its data transmission network and smart routing technology.

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