VNET Group (NASDAQ:VNET) Upgraded to “Hold” by StockNews.com

VNET Group (NASDAQ:VNET) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report released on Wednesday.

VNET Group Trading Down 2.2 %

Shares of NASDAQ:VNET opened at $1.81 on Wednesday. VNET Group has a 52 week low of $1.39 and a 52 week high of $3.88. The company’s 50 day moving average is $2.08 and its two-hundred day moving average is $1.87. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The company has a market cap of $465.89 million, a PE ratio of -0.69 and a beta of -0.35.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Wednesday, May 29th. The information technology services provider reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.13). VNET Group had a negative net margin of 39.32% and a negative return on equity of 15.69%. The firm had revenue of $262.89 million during the quarter, compared to analysts’ expectations of $258.78 million.

Institutional Investors Weigh In On VNET Group

A number of large investors have recently modified their holdings of the company. Millennium Management LLC increased its position in shares of VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after purchasing an additional 1,400,683 shares during the last quarter. Maso Capital Partners Ltd grew its position in shares of VNET Group by 15.6% in the 1st quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock valued at $2,873,000 after buying an additional 250,000 shares during the last quarter. AI Squared Management Ltd purchased a new position in shares of VNET Group in the 4th quarter valued at $893,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of VNET Group in the 1st quarter valued at $328,000. Finally, Virtu Financial LLC grew its position in shares of VNET Group by 135.9% in the 4th quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock valued at $293,000 after buying an additional 58,817 shares during the last quarter. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.