VNET Group (NASDAQ:VNET) Stock Price Up 5.5% – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s share price rose 5.5% during mid-day trading on Wednesday . The stock traded as high as $8.17 and last traded at $8.1370. Approximately 481,497 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 7,143,096 shares. The stock had previously closed at $7.71.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $24.79 price target on shares of VNET Group in a report on Tuesday, May 26th. Morgan Stanley reissued an “overweight” rating and issued a $16.00 price target on shares of VNET Group in a report on Wednesday, May 27th. Bank of America set a $16.30 target price on shares of VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Zacks Research raised VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, VNET Group presently has an average rating of “Moderate Buy” and a consensus price target of $17.40.

VNET Group Trading Down 3.4%

The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 3.99. The firm’s fifty day moving average is $9.11 and its two-hundred day moving average is $9.70. The firm has a market cap of $2.18 billion, a P/E ratio of -5.88 and a beta of 0.28.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.03) by ($1.17). The company had revenue of $390.32 million during the quarter, compared to the consensus estimate of $388.47 million. VNET Group had a negative return on equity of 31.59% and a negative net margin of 22.01%. Analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other VNET Group news, Director Sean Shao sold 60,000 shares of VNET Group stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1.71, for a total transaction of $102,600.00. Following the sale, the director directly owned 983,820 shares of the company’s stock, valued at approximately $1,682,332.20. The trade was a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 12.10% of the company’s stock.

Institutional Investors Weigh In On VNET Group

Hedge funds have recently made changes to their positions in the company. Leonteq Securities AG bought a new position in VNET Group in the first quarter worth $25,000. Global Retirement Partners LLC bought a new stake in shares of VNET Group during the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC grew its position in shares of VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after buying an additional 1,426 shares during the period. Parallel Advisors LLC increased its stake 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 worth $46,000 after acquiring an additional 1,160 shares in the last quarter. Finally, Allianz SE bought a new position in shares of VNET Group in the 4th quarter worth about $50,000. 72.83% of the stock is currently owned by institutional investors.

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.