VNET Group (NASDAQ:VNET) Shares Pass Above 200-Day Moving Average – Time to Sell?

VNET Group, Inc. (NASDAQ:VNET)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $2.63 and traded as high as $3.83. VNET Group shares last traded at $3.76, with a volume of 2,909,777 shares traded.

Wall Street Analysts Forecast Growth

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

VNET Group Trading Up 1.6 %

The company has a 50 day moving average of $3.57 and a 200 day moving average of $2.63. 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 stock has a market capitalization of $967.82 million, a price-to-earnings ratio of -1.61, a P/E/G ratio of 7.23 and a beta of -0.27.

VNET Group (NASDAQ:VNET) 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. The firm had revenue of $274.35 million during the quarter, compared to the consensus estimate of $266.56 million. VNET Group had a negative return on equity of 11.44% and a negative net margin of 34.62%. On average, research analysts predict that VNET Group, Inc. will post 0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC boosted its holdings in VNET Group by 89.1% during the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after acquiring an additional 1,400,683 shares during the period. Anson Funds Management LP boosted its holdings in VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after acquiring an additional 206,580 shares during the period. GSA Capital Partners LLP boosted its holdings in VNET Group by 24.8% during the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after acquiring an additional 73,311 shares during the period. Geode Capital Management LLC boosted its holdings in VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after acquiring an additional 210,124 shares during the period. Finally, Inspire Investing LLC purchased a new position in VNET Group during the 3rd quarter valued at about $1,092,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.