VNET Group (NASDAQ:VNET) Stock Jumps 14.8% – What’s Next?

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) shot up 14.8% during trading on Wednesday. The company traded as high as $3.31 and last traded at $3.4440. Approximately 705,236 shares changed hands during trading, a decline of 89% from the average daily volume of 6,257,019 shares. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on VNET. Weiss Ratings cut VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. UBS Group lowered their price objective on shares of VNET Group from $13.40 to $6.80 and set a “buy” rating on the stock in a research note on Friday, October 30th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 target price on shares of VNET Group in a research report on Wednesday, August 19th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.88.

VNET Group Trading Down 11.5%

The firm has a market cap of $835.81 million, a P/E ratio of -2.18 and a beta of 0.35. The company’s 50 day moving average is $4.97 and its two-hundred day moving average is $8.01. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.04). The firm had revenue of $409.00 million for the quarter, compared to the consensus estimate of $401.77 million. VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. On average, sell-side analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.51 earnings per share for the current year.

Institutional Trading of VNET Group

A number of institutional investors and hedge funds have recently modified their holdings of VNET. Sei Investments Co. lifted its position in VNET Group by 3.0% in the first quarter. Sei Investments Co. now owns 37,602 shares of the information technology services provider’s stock worth $316,000 after purchasing an additional 1,098 shares during the period. Parallel Advisors LLC boosted its stake in 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 worth $46,000 after buying an additional 1,160 shares in the last quarter. Squarepoint Ops LLC increased its holdings in VNET Group by 4.8% in the 2nd quarter. Squarepoint Ops LLC now owns 71,893 shares of the information technology services provider’s stock valued at $578,000 after buying an additional 3,312 shares during the period. Bank of New York Mellon Corp increased its holdings in VNET Group by 4.2% in the 1st quarter. Bank of New York Mellon Corp now owns 118,897 shares of the information technology services provider’s stock valued at $998,000 after buying an additional 4,762 shares during the period. Finally, SBI Securities Co. Ltd. increased its holdings in VNET Group by 24.9% in the 3rd quarter. SBI Securities Co. Ltd. now owns 25,723 shares of the information technology services provider’s stock valued at $143,000 after buying an additional 5,128 shares during the period. 72.83% of the stock is currently owned by institutional investors.

VNET Group Company Profile

VNET Group, Inc., formerly known as 21Vianet Group, is a Chinese provider of carrier-neutral data center and information technology services. The company operates data centers that support businesses’ computing, storage and connectivity needs. Its services include data center hosting and colocation, managed network services, cloud services and related IT solutions. VNET also provides connectivity between data centers, customers and internet service providers. The company serves enterprises and other organizations in China, with facilities in major markets across the country.