VNET Group (NASDAQ:VNET) Stock Crosses Above 200 Day Moving Average – What’s Next?

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $8.51 and traded as high as $8.63. VNET Group shares last traded at $8.50, with a volume of 1,064,754 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research report on Monday. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, VNET Group has a consensus rating of “Moderate Buy” and an average price target of $16.30.

VNET Group Price Performance

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88. The company has a market capitalization of $2.29 billion, a PE ratio of -28.33, a price-to-earnings-growth ratio of 1.81 and a beta of 0.03. The firm’s 50 day simple moving average is $9.16 and its 200 day simple moving average is $8.51.

VNET Group (NASDAQ:VNET) last released its earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.02. VNET Group had a negative net margin of 5.99% and a negative return on equity of 3.42%. The firm had revenue of $362.63 million during the quarter, compared to analyst estimates of $335.87 million. As a group, research analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of VNET. Orion Porfolio Solutions LLC raised its holdings in shares of VNET Group by 6.1% in the third quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider’s stock worth $222,000 after buying an additional 1,237 shares during the period. EverSource Wealth Advisors LLC increased its stake in VNET Group by 52.2% in the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 1,426 shares during the period. Raymond James Financial Inc. lifted its position in shares of VNET Group by 14.5% during the third quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider’s stock worth $118,000 after purchasing an additional 1,446 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of VNET Group by 16.8% during the second quarter. Public Employees Retirement System of Ohio now owns 14,600 shares of the information technology services provider’s stock valued at $101,000 after purchasing an additional 2,100 shares during the period. Finally, Bingham Private Wealth LLC grew its holdings in shares of VNET Group by 24.3% in the second quarter. Bingham Private Wealth LLC now owns 13,050 shares of the information technology services provider’s stock worth $90,000 after purchasing an additional 2,547 shares during the last quarter. Institutional investors 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.