VNET Group (NASDAQ:VNET) Shares Up 6.9%

VNET Group, Inc. (NASDAQ:VNET)’s stock price traded up 6.9% during mid-day trading on Friday . The company traded as high as $2.67 and last traded at $2.65. 691,423 shares were traded during trading, a decline of 51% from the average session volume of 1,408,648 shares. The stock had previously closed at $2.48.

Analyst Ratings Changes

Separately, StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st.

VNET Group Price Performance

The business’s 50-day moving average price is $2.08 and its 200 day moving average price is $1.90. The company has a market capitalization of $715.57 million, a P/E ratio of -1.05 and a beta of -0.35. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Wednesday, May 29th. The information technology services provider reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.13). The firm had revenue of $262.89 million during the quarter, compared to the consensus estimate of $258.78 million. VNET Group had a negative net margin of 39.32% and a negative return on equity of 15.69%.

Institutional Investors Weigh In On VNET Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its stake in VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after acquiring an additional 1,400,683 shares during the last quarter. Maso Capital Partners Ltd increased its position in shares of 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 purchasing an additional 250,000 shares during the last quarter. AI Squared Management Ltd purchased a new stake in VNET Group in the fourth quarter valued at approximately $893,000. Susquehanna Fundamental Investments LLC purchased a new stake in VNET Group in the first quarter valued at approximately $328,000. Finally, Virtu Financial LLC lifted its position 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 valued at $293,000 after purchasing an additional 58,817 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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.