Deutsche Bank Aktiengesellschaft Initiates Coverage on VNET Group (NASDAQ:VNET)

Equities research analysts at Deutsche Bank Aktiengesellschaft started coverage on shares of VNET Group (NASDAQ:VNET) in a report released on Tuesday,Benzinga reports. The firm set a “buy” rating and a $12.50 price target on the information technology services provider’s stock. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 60.05% from the stock’s previous close.

Several other brokerages also recently weighed in on VNET. Jefferies Financial Group reaffirmed a “buy” rating and set a $24.79 price target on shares of VNET Group in a report on Tuesday, May 26th. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Finally, Bank of America set a $16.30 price target on shares of VNET Group and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.40.

VNET Group Stock Performance

NASDAQ VNET opened at $7.81 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 3.99. VNET Group has a 52-week low of $6.82 and a 52-week high of $14.48. The business’s 50-day moving average price is $9.16 and its 200 day moving average price is $9.71. The firm has a market cap of $2.11 billion, a P/E ratio of -5.70 and a beta of 0.28.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.03) by ($1.17). VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. The company had revenue of $390.32 million for the quarter, compared to analysts’ expectations of $388.47 million. On average, equities research analysts expect that VNET Group will post -0.24 earnings per share for the current year.

Insider Buying and Selling

In other VNET Group news, Director Sean Shao sold 60,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $1.71, for a total transaction of $102,600.00. Following the sale, the director directly owned 983,820 shares in the company, valued at approximately $1,682,332.20. The trade was a 5.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.10% of the company’s stock.

Institutional Trading of VNET Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in VNET Group during the fourth quarter worth about $65,650,000. Temasek Holdings Private Ltd grew its position in VNET Group by 988.7% during the fourth quarter. Temasek Holdings Private Ltd now owns 3,253,150 shares of the information technology services provider’s stock worth $27,522,000 after buying an additional 2,954,350 shares during the period. BNP Paribas Financial Markets increased its holdings in VNET Group by 674.8% in the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock valued at $23,067,000 after buying an additional 2,911,604 shares in the last quarter. Farallon Capital Management LLC increased its holdings in VNET Group by 83.3% in the third quarter. Farallon Capital Management LLC now owns 5,489,120 shares of the information technology services provider’s stock valued at $56,703,000 after buying an additional 2,495,000 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of VNET Group by 1,750.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,502,622 shares of the information technology services provider’s stock valued at $21,172,000 after acquiring an additional 2,367,410 shares during the period. Institutional investors and hedge funds 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.