VNET Group (NASDAQ:VNET) Shares Up 6.6% – Time to Buy?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) shares traded up 6.6% during trading on Tuesday . The company traded as high as $6.63 and last traded at $6.8940. Approximately 441,470 shares were traded during trading, a decline of 93% from the average session volume of 6,520,729 shares. The stock had previously closed at $6.47.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on VNET. Zacks Research raised VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Bank of America set a $16.30 price objective on shares of VNET Group and gave the company a “buy” rating in a research note on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of VNET Group in a report on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price target on the stock. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 price objective on shares of VNET Group in a research note on Wednesday, August 19th. Four 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. Based on data from MarketBeat, VNET Group currently has an average rating of “Moderate Buy” and a consensus price target of $16.90.

VNET Group Stock Up 6.7%

The company has a market cap of $1.87 billion, a PE ratio of -4.86 and a beta of 0.32. The business has a 50-day simple moving average of $7.64 and a 200-day simple moving average of $9.10. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.35.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data on Tuesday, August 18th. The information technology services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The business had revenue of $409.00 million during the quarter, compared to analysts’ expectations of $401.77 million. VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. Equities research analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.27 EPS for the current year.

Insider Transactions at VNET Group

In other news, Director Sean Shao sold 60,000 shares of VNET Group stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $1.71, for a total value of $102,600.00. Following the sale, the director owned 983,820 shares in the company, valued at $1,682,332.20. This trade represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.10% of the stock is currently owned by insiders.

Institutional Trading of VNET Group

A number of institutional investors have recently made changes to their positions in VNET. Leonteq Securities AG acquired a new stake in VNET Group during the 1st quarter worth $25,000. Global Retirement Partners LLC purchased a new stake in shares of VNET Group during the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC raised its position in 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 valued at $29,000 after purchasing an additional 1,426 shares during the period. Parallel Advisors LLC increased its position in shares of VNET Group by 26.8% during the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Allianz SE acquired a new stake in shares of VNET Group during the 4th quarter worth about $50,000. 72.83% of the stock is owned by institutional investors and hedge funds.

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.