VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) shares gapped up prior to trading on Wednesday . The stock had previously closed at $9.02, but opened at $11.05. VNET Group shares last traded at $11.8770, with a volume of 22,236,126 shares traded.

Analyst Ratings Changes

A number of equities analysts recently issued reports on VNET shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Bank of America restated a “buy” rating on shares of VNET Group in a research note on Monday, March 16th. Jefferies Financial Group reiterated a “buy” rating and set a $23.55 target price on shares of VNET Group in a research note on Monday, March 16th. Finally, Wall Street Zen raised VNET Group from a “sell” rating to a “hold” rating in a report on Saturday. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $18.08.

VNET Group Stock Up 27.7%

The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 2.68. The firm has a market cap of $3.11 billion, a PE ratio of -39.53 and a beta of 0.19. The stock has a fifty day simple moving average of $9.07 and a two-hundred day simple moving average of $9.71.

VNET Group (NASDAQ:VNET) last posted its 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 for the quarter, compared to analysts’ expectations of $368.64 million. As a group, sell-side analysts expect that VNET Group, Inc. – Unsponsored ADR will post 0.21 EPS for the current fiscal year.

Insider Activity at VNET Group

In other news, Director David Lifeng Chen sold 83,544 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $1.51, for a total transaction of $126,151.44. Following the completion of the transaction, the director owned 334,164 shares of the company’s stock, valued at approximately $504,587.64. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Parallel Advisors LLC lifted its holdings in shares of VNET Group by 26.8% during the first quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 1,160 shares in the last quarter. Orion Porfolio Solutions LLC lifted its holdings in 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 valued at $222,000 after acquiring an additional 1,237 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of 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 buying an additional 1,426 shares during the period. Raymond James Financial Inc. raised its stake in shares of VNET Group by 14.5% in the third quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider’s stock worth $118,000 after buying an additional 1,446 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in shares of VNET Group by 13.3% in the fourth quarter. Farther Finance Advisors LLC now owns 13,689 shares of the information technology services provider’s stock worth $116,000 after buying an additional 1,611 shares during the period. Hedge funds and other 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.