VNET Group (NASDAQ:VNET) Shares Up 11.1% – Time to Buy?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s share price was up 11.1% during trading on Wednesday . The company traded as high as $13.34 and last traded at $13.4050. Approximately 5,740,930 shares changed hands during trading, a decline of 0% from the average daily volume of 5,762,568 shares. The stock had previously closed at $12.07.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research note on Monday, December 29th. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.30.

VNET Group Price Performance

The stock has a market cap of $3.64 billion, a P/E ratio of -45.13, a P/E/G ratio of 0.94 and a beta of 0.01. The company’s 50 day moving average price is $9.83 and its 200-day moving average price is $9.30. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.88.

VNET Group (NASDAQ:VNET) last announced its earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.02. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%.The business had revenue of $362.63 million during the quarter, compared to analyst estimates of $335.87 million. As a group, sell-side analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Deutsche Bank AG boosted its stake in shares of VNET Group by 354.6% in the 4th quarter. Deutsche Bank AG now owns 458,775 shares of the information technology services provider’s stock valued at $3,881,000 after purchasing an additional 357,850 shares during the last quarter. LPL Financial LLC lifted its holdings in VNET Group by 12.7% in the fourth quarter. LPL Financial LLC now owns 161,802 shares of the information technology services provider’s stock valued at $1,369,000 after buying an additional 18,234 shares during the period. JPMorgan Chase & Co. boosted its position in VNET Group by 1,750.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,502,622 shares of the information technology services provider’s stock valued at $21,172,000 after acquiring an additional 2,367,410 shares during the last quarter. Havemeyer Place LP acquired a new stake in VNET Group during the 4th quarter worth about $357,000. Finally, Main Management ETF Advisors LLC raised its position in shares of VNET Group by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 183,222 shares of the information technology services provider’s stock worth $1,550,000 after acquiring an additional 1,872 shares in the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Company Profile

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.