VNET Group, Inc. (NASDAQ:VNET) Receives Average Rating of “Buy” from Brokerages

VNET Group, Inc. (NASDAQ:VNET) has earned a consensus recommendation of “Buy” from the four brokerages that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $3.97.

VNET has been the subject of a number of research analyst reports. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research report on Wednesday, October 9th. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Citigroup began coverage on shares of VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price target for the company. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $3.10 to $5.00 in a research report on Friday. Finally, UBS Group lifted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday.

VNET Group Stock Performance

NASDAQ VNET opened at $3.86 on Friday. The company’s 50 day simple moving average is $3.68 and its two-hundred day simple moving average is $2.71. 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 has a 1 year low of $1.39 and a 1 year high of $4.50. The stock has a market capitalization of $993.56 million, a PE ratio of -1.74 and a beta of -0.27.

VNET Group (NASDAQ:VNET) last posted its earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The business had revenue of $274.35 million during the quarter, compared to analysts’ expectations of $266.56 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. Analysts predict that VNET Group will post -0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in VNET. Millennium Management LLC grew its stake in shares of VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after buying an additional 1,400,683 shares during the last quarter. 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. GSA Capital Partners LLP boosted its holdings in VNET Group by 24.8% during the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after acquiring an additional 73,311 shares during the period. Geode Capital Management LLC grew its position in VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after acquiring an additional 210,124 shares during the last quarter. Finally, Inspire Investing LLC bought a new position in VNET Group during the 3rd quarter worth approximately $1,092,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.