VNET Group (NASDAQ:VNET) Sees Large Volume Increase – What’s Next?

VNET Group, Inc. (NASDAQ:VNET) saw unusually-high trading volume on Thursday . Approximately 2,881,808 shares changed hands during mid-day trading, a decline of 9% from the previous session’s volume of 3,167,304 shares.The stock last traded at $9.46 and had previously closed at $9.85.

Analyst Upgrades and Downgrades

VNET has been the subject of several recent research reports. Nomura Securities upgraded VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. StockNews.com cut VNET Group from a “hold” rating to a “sell” rating in a research report on Friday, March 14th. Citigroup lifted their price target on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 14th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $3.10 to $5.00 in a research report on Friday, November 29th. Finally, UBS Group lifted their price target on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, VNET Group currently has a consensus rating of “Buy” and a consensus price target of $9.30.

VNET Group Stock Down 1.7 %

The company has a market cap of $2.24 billion, a P/E ratio of -3.92, a price-to-earnings-growth ratio of 1.01 and a beta of 0.07. The company has a 50 day moving average of $9.67 and a 200-day moving average of $5.83. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.04). VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The firm had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. On average, equities analysts predict that VNET Group, Inc. will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

Several hedge funds have recently added to or reduced their stakes in VNET. Connor Clark & Lunn Investment Management Ltd. bought a new stake in VNET Group during the third quarter worth about $199,000. Walleye Capital LLC bought a new stake in shares of VNET Group in the 3rd quarter valued at about $115,000. Wolverine Trading LLC bought a new stake in shares of VNET Group in the 3rd quarter valued at about $46,000. XTX Topco Ltd bought a new stake in shares of VNET Group in the 3rd quarter valued at about $343,000. Finally, Anson Funds Management LP lifted its stake in shares of VNET Group by 84.9% in the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after acquiring an additional 206,580 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

VNET Group Company Profile

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.