VNET Group (NASDAQ:VNET) Upgraded at HSBC

VNET Group (NASDAQ:VNET) was upgraded by analysts at HSBC from a “hold” rating to a “buy” rating in a report released on Wednesday, Benzinga reports. The brokerage presently has a $5.20 price target on the information technology services provider’s stock. HSBC’s target price would indicate a potential upside of 34.37% from the stock’s previous close.

Several other analysts also recently issued reports on VNET. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Citigroup assumed coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price target for the company.

VNET Group Stock Performance

NASDAQ:VNET opened at $3.87 on Wednesday. The company has a fifty day moving average of $2.72 and a 200-day moving average of $2.23. The firm has a market capitalization of $996.14 million, a P/E ratio of -1.47, a P/E/G ratio of 8.72 and a beta of -0.30. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.47. VNET Group has a twelve month low of $1.39 and a twelve month high of $4.50.

VNET Group (NASDAQ:VNET) last released its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share 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 during the quarter, compared to analyst estimates of $266.56 million. As a group, sell-side analysts anticipate that VNET Group will post 0.02 EPS for the current year.

Hedge Funds Weigh In On VNET Group

Hedge funds have recently bought and sold shares of the company. Catalina Capital Group LLC purchased a new position in VNET Group during the 1st quarter worth $26,000. Susquehanna Fundamental Investments LLC purchased a new position in VNET Group during the 1st quarter worth $328,000. Ballentine Partners LLC purchased a new position in VNET Group during the 2nd quarter worth $36,000. Virtu Financial LLC boosted its holdings in VNET Group by 135.9% during the 4th quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock worth $293,000 after acquiring an additional 58,817 shares during the last quarter. Finally, Headlands Technologies LLC boosted its holdings in shares of VNET Group by 1,199.7% in the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock worth $66,000 after buying an additional 39,050 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.