VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s Why

VNET Group, Inc. (NASDAQ:VNET)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $3.51, but opened at $3.72. VNET Group shares last traded at $3.61, with a volume of 93,707 shares traded.

Analyst Ratings Changes

A number of research analysts have recently commented on VNET shares. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research report on Wednesday, October 9th. Citigroup started coverage on VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price for the company. Finally, Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, VNET Group currently has an average rating of “Buy” and a consensus price target of $3.97.

VNET Group Trading Up 3.7 %

The company has a market capitalization of $936.93 million, a PE ratio of -1.38, a PEG ratio of 8.29 and a beta of -0.30. The stock has a fifty day moving average of $3.02 and a two-hundred day moving average of $2.34. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.47.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share for the quarter, topping 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 business had revenue of $274.35 million during the quarter, compared to the consensus estimate of $266.56 million. As a group, sell-side analysts anticipate that VNET Group, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Millennium Management LLC increased its stake in shares of VNET Group by 89.1% during 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 period. Maso Capital Partners Ltd raised its stake in 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 worth $2,873,000 after buying an additional 250,000 shares in the last quarter. Inspire Investing LLC bought a new position in VNET Group in the third quarter worth about $1,092,000. Susquehanna Fundamental Investments LLC purchased a new stake in VNET Group in the first quarter worth about $328,000. Finally, Creative Planning boosted its position in VNET Group by 124.1% during the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after acquiring an additional 64,866 shares in 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.