VNET Group (NASDAQ:VNET) Shares Cross Above 200-Day Moving Average – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $8.72 and traded as high as $9.52. VNET Group shares last traded at $9.29, with a volume of 2,473,539 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on VNET shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research report on Monday, December 29th. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.30.

VNET Group Price Performance

The company has a market capitalization of $2.50 billion, a P/E ratio of -30.97, a price-to-earnings-growth ratio of 0.95 and a beta of -0.02. The company has a debt-to-equity ratio of 2.88, a current ratio of 0.90 and a quick ratio of 0.90. The firm’s 50-day moving average is $9.05 and its 200-day moving average is $8.72.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Thursday, November 20th. The information technology services provider reported $0.02 EPS for the quarter, hitting analysts’ consensus estimates of $0.02. The business had revenue of $362.63 million during the quarter, compared to analysts’ expectations of $335.87 million. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%. Analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its stake in VNET Group by 52.2% during the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after buying an additional 1,426 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of VNET Group in the 2nd quarter worth about $32,000. Farther Finance Advisors LLC purchased a new position in shares of VNET Group during the 2nd quarter worth about $34,000. First Horizon Advisors Inc. bought a new position in VNET Group during the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC bought a new stake in VNET Group in the second quarter worth about $55,000. Institutional investors own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.