VNET Group (NASDAQ:VNET) Shares Gap Up to $4.69

Shares of VNET Group, Inc. (NASDAQ:VNETGet Rating) gapped up before the market opened on Tuesday . The stock had previously closed at $4.69, but opened at $4.80. VNET Group shares last traded at $5.64, with a volume of 35,173 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group upgraded VNET Group from a “sell” rating to a “neutral” rating and set a $6.50 price objective on the stock in a research report on Wednesday, May 25th. HSBC decreased their price objective on VNET Group from $13.50 to $9.40 in a research report on Wednesday, May 25th. Finally, Credit Suisse Group downgraded VNET Group from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $7.20 to $5.90 in a research report on Thursday, September 1st.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.36, a current ratio of 1.41 and a quick ratio of 1.41. The firm has a fifty day moving average price of $5.08 and a two-hundred day moving average price of $5.72. The stock has a market capitalization of $887.14 million, a PE ratio of -10.15 and a beta of 0.02.

VNET Group (NASDAQ:VNETGet Rating) last issued its quarterly earnings results on Tuesday, August 30th. The information technology services provider reported ($2.58) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($2.22). VNET Group had a negative return on equity of 1.89% and a negative net margin of 2.13%. During the same period in the previous year, the company earned $0.06 earnings per share. Research analysts expect that VNET Group, Inc. will post -0.61 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Krane Funds Advisors LLC increased its holdings in VNET Group by 11.3% during the 1st quarter. Krane Funds Advisors LLC now owns 3,344,843 shares of the information technology services provider’s stock worth $19,500,000 after purchasing an additional 340,918 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in VNET Group during the 1st quarter worth $14,191,000. Hawk Ridge Capital Management LP boosted its position in VNET Group by 24.5% during the 1st quarter. Hawk Ridge Capital Management LP now owns 2,166,601 shares of the information technology services provider’s stock valued at $12,631,000 after acquiring an additional 426,613 shares in the last quarter. Harbor Spring Capital LLC boosted its position in VNET Group by 102.0% during the 2nd quarter. Harbor Spring Capital LLC now owns 2,107,237 shares of the information technology services provider’s stock valued at $12,728,000 after acquiring an additional 1,064,137 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in VNET Group by 10.1% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,683,154 shares of the information technology services provider’s stock valued at $10,160,000 after acquiring an additional 154,264 shares in the last quarter. 58.32% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Company Profile

(Get Rating)

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; server administration services; 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; VPN Services that extend customers' private networks by setting up connections through the public internet.

Further Reading

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