VNET Group (NASDAQ:VNET) Rating Increased to Hold at StockNews.com

VNET Group (NASDAQ:VNET) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

Other equities research analysts have also recently issued reports about the stock. Citigroup upped their target price on shares of VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a report on Friday, March 14th. Nomura Securities raised VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $9.30.

VNET Group Trading Up 4.0 %

NASDAQ:VNET opened at $5.66 on Monday. The company has a market capitalization of $1.46 billion, a PE ratio of -2.55, a P/E/G ratio of 1.01 and a beta of 0.15. VNET Group has a 52-week low of $1.62 and a 52-week high of $16.13. The stock’s 50 day moving average price is $8.52 and its 200 day moving average price is $6.43. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

VNET Group (NASDAQ:VNET) last announced its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The business had revenue of $307.75 million for the quarter, compared to analysts’ expectations of $284.88 million. On average, research analysts anticipate that VNET Group will post -0.06 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after buying an additional 210,124 shares in the last quarter. Asset Management One Co. Ltd. purchased a new position in VNET Group in the fourth quarter worth $152,000. JPMorgan Chase & Co. lifted its holdings in VNET Group by 136,783.0% in the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after acquiring an additional 136,783 shares during the period. Virtu Financial LLC acquired a new position in shares of VNET Group during the 3rd quarter worth $519,000. Finally, Norges Bank acquired a new position in shares of VNET Group during the 4th quarter worth $1,708,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.