VNET Group (NASDAQ:VNET) Raised to “Hold” at Wall Street Zen

VNET Group (NASDAQ:VNET) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other research firms have also recently commented on VNET. Nomura Securities raised VNET Group to a “strong-buy” rating in a report on Friday, February 21st. Citigroup raised their price target on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 14th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, VNET Group currently has an average rating of “Buy” and an average price target of $9.30.

VNET Group Price Performance

NASDAQ:VNET opened at $5.44 on Friday. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -2.45, a PEG ratio of 1.01 and a beta of 0.09. VNET Group has a 1 year low of $1.71 and a 1 year high of $16.13. The business has a 50 day simple moving average of $5.86 and a 200-day simple moving average of $7.01. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The company had revenue of $309.52 million during the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the prior year, the business posted ($0.28) earnings per share. Equities analysts forecast that VNET Group will post -0.06 EPS for the current year.

Hedge Funds Weigh In On VNET Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 4,939 shares during the last quarter. Quantbot Technologies LP bought a new stake in VNET Group in the first quarter valued at about $36,000. Summit Securities Group LLC bought a new stake in VNET Group during the first quarter worth about $40,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in VNET Group during the fourth quarter worth about $41,000. Finally, Hsbc Holdings PLC bought a new stake in shares of VNET Group during the fourth quarter valued at approximately $66,000. 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.