VNET Group, Inc. (NASDAQ:VNET – Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 1,764,773 shares changed hands during trading, an increase of 18% from the previous session’s volume of 1,498,612 shares.The stock last traded at $4.23 and had previously closed at $3.96.
Analyst Ratings Changes
Several equities research analysts recently weighed in on VNET shares. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Citigroup assumed coverage on shares of VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price on the stock.
Read Our Latest Report on VNET Group
VNET Group Stock Up 2.8 %
VNET Group (NASDAQ:VNET – Get Free Report) last issued its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. VNET Group had a negative return on equity of 11.44% and a negative net margin of 34.62%. The company had revenue of $274.35 million during the quarter, compared to analysts’ expectations of $266.56 million. On average, equities research analysts anticipate that VNET Group, Inc. will post 0.02 earnings per share for the current year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Catalina Capital Group LLC bought a new stake in VNET Group in the first quarter worth approximately $26,000. Ballentine Partners LLC bought a new stake in shares of VNET Group in the 2nd quarter worth $36,000. AXA S.A. purchased a new stake in shares of VNET Group in the second quarter valued at about $65,000. Headlands Technologies LLC boosted its holdings in VNET Group by 1,199.7% during the first quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 39,050 shares during the last quarter. Finally, Virtu Financial LLC grew its position in 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 worth $293,000 after purchasing an additional 58,817 shares in the last quarter. Institutional investors and hedge funds 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.
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