VNET Group (NASDAQ:VNET) Stock Price Up 5.1% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET) shares shot up 5.1% on Friday . The company traded as high as $4.20 and last traded at $4.16. 742,714 shares traded hands during trading, a decline of 51% from the average session volume of 1,510,517 shares. The stock had previously closed at $3.96.

Analysts Set New Price Targets

A number of research firms have weighed in on VNET. Citigroup began coverage on shares of VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target on the stock. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st.

VNET Group Price Performance

The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.87 and a current ratio of 0.87. The company’s 50 day moving average price is $2.64 and its 200 day moving average price is $2.20. The company has a market cap of $1.08 billion, a price-to-earnings ratio of -1.59, a P/E/G ratio of 8.91 and a beta of -0.30.

VNET Group (NASDAQ:VNET) last issued its earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, beating the consensus estimate of $0.01 by $0.05. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. The company had revenue of $274.35 million for the quarter, compared to the consensus estimate of $266.56 million. On average, equities research analysts predict that VNET Group, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Several institutional investors and hedge funds have recently made changes to their positions in VNET. SG Americas Securities LLC bought a new position in shares of VNET Group in the third quarter valued at about $262,000. Millennium Management LLC raised its holdings in shares of VNET Group by 89.1% in 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. AXA S.A. bought a new position in shares of VNET Group in the second quarter valued at about $65,000. Ballentine Partners LLC bought a new position in shares of VNET Group in the second quarter valued at about $36,000. Finally, Maso Capital Partners Ltd raised its holdings in shares of VNET Group by 15.6% in the first 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. Institutional investors and hedge funds 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.