VNET Group (NASDAQ:VNET) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of VNET Group (NASDAQ:VNET) from a sell rating to a hold rating in a report issued on Saturday morning.

A number of other analysts also recently weighed in on the stock. Bank of America reissued a “buy” rating on shares of VNET Group in a report on Monday, March 16th. Jefferies Financial Group reissued a “buy” rating and issued a $23.55 price target on shares of VNET Group in a report on Monday, March 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.08.

VNET Group Price Performance

Shares of VNET Group stock opened at $8.90 on Friday. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.92 and a quick ratio of 0.92. VNET Group has a fifty-two week low of $5.14 and a fifty-two week high of $14.48. The firm has a fifty day moving average price of $9.21 and a two-hundred day moving average price of $9.71. The company has a market cap of $2.41 billion, a PE ratio of -30.69 and a beta of 0.19.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Monday, March 16th. The information technology services provider reported $0.00 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). VNET Group had a negative net margin of 2.48% and a positive return on equity of 1.36%. The company had revenue of $384.07 million during the quarter, compared to the consensus estimate of $368.64 million. Analysts expect that VNET Group will post 0.21 EPS for the current year.

Insider Activity at VNET Group

In other news, Director David Lifeng Chen sold 83,544 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the completion of the transaction, the director directly owned 334,164 shares of the company’s stock, valued at approximately $504,587.64. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently made changes to their positions in VNET. Norges Bank bought a new position in shares of VNET Group during the 4th quarter worth about $65,650,000. Temasek Holdings Private Ltd lifted its holdings in shares of VNET Group by 988.7% during the 4th quarter. Temasek Holdings Private Ltd now owns 3,253,150 shares of the information technology services provider’s stock worth $27,522,000 after acquiring an additional 2,954,350 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of VNET Group by 674.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock worth $23,067,000 after acquiring an additional 2,911,604 shares during the period. Farallon Capital Management LLC lifted its holdings in shares of VNET Group by 83.3% during the 3rd quarter. Farallon Capital Management LLC now owns 5,489,120 shares of the information technology services provider’s stock worth $56,703,000 after acquiring an additional 2,495,000 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings 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 worth $21,172,000 after acquiring an additional 2,367,410 shares during the period. 72.83% of the stock is owned by institutional investors.

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.