VNET Group (NASDAQ:VNET) Shares Gap Up – Should You Buy?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s share price gapped up before the market opened on Monday . The stock had previously closed at $6.52, but opened at $6.90. VNET Group shares last traded at $7.0120, with a volume of 1,767,885 shares changing hands.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $24.79 price target on shares of VNET Group in a research note on Tuesday, May 26th. Bank of America set a $16.30 price objective on shares of VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 target price on shares of VNET Group in a research note on Wednesday, August 19th. Zacks Research raised VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings lowered VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.90.

VNET Group Stock Performance

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 4.35. The firm has a market capitalization of $1.89 billion, a P/E ratio of -4.92 and a beta of 0.27. The business’s 50 day simple moving average is $6.93 and its two-hundred day simple moving average is $8.33.

VNET Group (NASDAQ:VNET) last issued its 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). VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%.The firm had revenue of $409.00 million during the quarter, compared to the consensus estimate of $401.77 million. Sell-side analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.27 EPS for the current fiscal year.

Institutional Trading of VNET Group

Several institutional investors have recently added to or reduced their stakes in the business. Triata Capital Ltd raised its stake in shares of VNET Group by 4.6% in the fourth quarter. Triata Capital Ltd now owns 12,498,810 shares of the information technology services provider’s stock worth $105,740,000 after purchasing an additional 550,841 shares during the last quarter. Norges Bank purchased a new stake in shares of VNET Group during the fourth quarter valued at $65,650,000. Infini Capital Management Ltd bought a new stake in VNET Group in the 2nd quarter worth about $38,883,000. Carmignac Gestion raised its position in VNET Group by 1,375.1% in the 2nd quarter. Carmignac Gestion now owns 4,760,599 shares of the information technology services provider’s stock worth $38,123,000 after buying an additional 4,437,879 shares during the last quarter. Finally, Temasek Holdings Private Ltd lifted its stake in 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 valued at $27,522,000 after acquiring an additional 2,954,350 shares during the period. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Company Profile

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a China-based provider of data center and information technology infrastructure services. The company operates carrier-neutral data centers that support enterprise customers, cloud service providers, internet companies, financial institutions and other organizations requiring secure, reliable computing and network capacity.

Its services include data center hosting and colocation, managed network services, cloud computing infrastructure, internet connectivity, content delivery and related information technology solutions.