VNET Group (NASDAQ:VNET) Trading 9.6% Higher After Analyst Upgrade

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price was up 9.6% during trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $11.12 and last traded at $10.8720. Approximately 2,179,230 shares traded hands during trading, a decline of 70% from the average daily volume of 7,338,228 shares. The stock had previously closed at $9.92.

A number of other equities analysts have also recently issued reports on VNET. Morgan Stanley reiterated an “overweight” rating and set a $16.00 target price on shares of VNET Group in a report on Wednesday. Wall Street Zen upgraded VNET Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Jefferies Financial Group reaffirmed a “buy” rating and set a $24.79 price objective on shares of VNET Group in a research report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a report on Friday, March 27th. Finally, Bank of America set a $16.30 target price on VNET Group and gave the company a “buy” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.03.

Insider Transactions at VNET Group

In other VNET Group news, Director David Lifeng Chen sold 83,544 shares of the business’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 sale, the director directly owned 334,164 shares of the company’s stock, valued at $504,587.64. The trade was a 20.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 12.10% of the company’s stock.

Institutional Trading of VNET Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Leonteq Securities AG bought a new position in VNET Group in the first quarter valued at approximately $25,000. Global Retirement Partners LLC bought a new stake in shares of VNET Group during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC raised its stake in shares of VNET Group by 52.2% during the 2nd 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 in the last quarter. Parallel Advisors LLC boosted its holdings in shares of VNET Group by 26.8% in the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock valued at $46,000 after buying an additional 1,160 shares during the last quarter. Finally, Allianz SE bought a new position in shares of VNET Group in the fourth quarter valued at $50,000. Institutional investors own 72.83% of the company’s stock.

VNET Group Stock Performance

The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 3.99. The stock’s fifty day moving average is $9.09 and its two-hundred day moving average is $9.73. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of -7.75 and a beta of 0.19.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $390.32 million during the quarter, compared to analyst estimates of $388.47 million. On average, analysts predict that VNET Group, Inc. – Unsponsored ADR will post 0.23 earnings per share for the current year.

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.