VNET Group (NASDAQ:VNET) Stock Price Up 5.4%

Shares of VNET Group, Inc. (NASDAQ:VNET) shot up 5.4% on Monday . The company traded as high as $2.21 and last traded at $2.16. 110,777 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,627,933 shares. The stock had previously closed at $2.05.

Wall Street Analysts Forecast Growth

Several research firms recently commented on VNET. Bank of America upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $3.90 to $2.70 in a research report on Tuesday, March 19th. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a report on Saturday.

VNET Group Stock Down 3.4 %

The firm has a 50-day simple moving average of $1.95 and a two-hundred day simple moving average of $1.99. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42.

VNET Group (NASDAQ:VNET) last posted 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 return on equity of 15.69% and a negative net margin of 39.32%. The company had revenue of $262.89 million for the quarter, compared to analysts’ expectations of $258.78 million.

Hedge Funds Weigh In On VNET Group

A number of institutional investors have recently modified their holdings of VNET. Catalina Capital Group LLC acquired a new stake in VNET Group in the 1st quarter worth about $26,000. Headlands Technologies LLC grew its holdings in VNET Group by 1,199.7% in the first quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after purchasing an additional 39,050 shares during the period. Jump Financial LLC increased its position in VNET Group by 101.6% during the fourth quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock worth $242,000 after purchasing an additional 42,537 shares during the last quarter. Virtu Financial LLC raised its stake in VNET Group by 135.9% during the fourth 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 during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in VNET Group by 14.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock worth $4,379,000 after purchasing an additional 188,593 shares during the period. 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.