VNET Group (NASDAQ:VNET) Shares Gap Up – What’s Next?

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped up prior to trading on Thursday . The stock had previously closed at $4.74, but opened at $4.93. VNET Group shares last traded at $5.12, with a volume of 1,726,406 shares.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Nomura Securities raised VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. StockNews.com cut VNET Group from a “hold” rating to a “sell” rating in a report on Friday, March 14th. Finally, Citigroup lifted their price objective on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $9.30.

VNET Group Trading Up 6.4 %

The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of -2.27, a price-to-earnings-growth ratio of 1.01 and a beta of 0.15. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The business’s 50 day simple moving average is $9.70 and its 200 day simple moving average is $6.34.

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

Hedge Funds Weigh In On VNET Group

Institutional investors and hedge funds have recently modified their holdings of the company. Triata Capital Ltd acquired a new stake in shares of VNET Group during the fourth quarter worth $47,377,000. D. E. Shaw & Co. Inc. purchased a new position in shares of VNET Group during the 4th quarter worth about $7,183,000. Man Group plc purchased a new stake in VNET Group in the fourth quarter valued at approximately $5,094,000. Bank of America Corp DE increased its holdings in shares of VNET Group by 610.2% during the 4th quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after buying an additional 1,029,963 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock worth $4,690,000 after buying an additional 852,519 shares during the period. Hedge funds and other institutional investors own 72.83% of the company’s stock.

About VNET Group

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.