VNET Group (NASDAQ:VNET) Trading Up 6.2%

VNET Group, Inc. (NASDAQ:VNETGet Free Report)’s stock price was up 6.2% during mid-day trading on Monday . The stock traded as high as $2.40 and last traded at $2.38. Approximately 313,626 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 1,708,750 shares. The stock had previously closed at $2.24.

Analyst Ratings Changes

Several research firms recently weighed in on VNET. Bank of America upgraded VNET Group from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $3.90 to $2.70 in a research report on Tuesday, March 19th. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a research note on Thursday, May 30th.

Get Our Latest Stock Report on VNET Group

VNET Group Stock Up 0.4 %

The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The stock has a 50-day simple moving average of $1.86 and a 200-day simple moving average of $2.04. The company has a market cap of $599.74 million, a price-to-earnings ratio of -0.88 and a beta of -0.33.

VNET Group (NASDAQ:VNETGet Free Report) last issued its quarterly earnings results on Wednesday, March 27th. The information technology services provider reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.50). VNET Group had a negative net margin of 39.32% and a negative return on equity of 15.69%. The business had revenue of $267.40 million for the quarter, compared to analysts’ expectations of $289.41 million.

Hedge Funds Weigh In On VNET Group

Several large investors have recently made changes to their positions in the business. Maso Capital Partners Ltd raised its holdings in shares of VNET Group by 15.6% in the 1st quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock worth $2,873,000 after buying an additional 250,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in VNET Group by 14.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock valued at $4,379,000 after buying an additional 188,593 shares during the last quarter. Pacer Advisors Inc. bought a new position in VNET Group in the 4th quarter valued at $2,021,000. AI Squared Management Ltd acquired a new position in shares of VNET Group in the 4th quarter valued at $893,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of VNET Group in the 1st quarter valued at $328,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

(Get Free Report)

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.

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