VNET Group (NASDAQ:VNET) Raised to Hold at StockNews.com

StockNews.com upgraded shares of VNET Group (NASDAQ:VNET) from a sell rating to a hold rating in a research note released on Wednesday.

VNET Group Trading Up 8.2 %

NASDAQ:VNET opened at $2.10 on Wednesday. VNET Group has a 1-year low of $1.39 and a 1-year high of $3.88. The business’s 50-day moving average price is $2.05 and its two-hundred day moving average price is $1.88. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85.

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

Hedge Funds Weigh In On VNET Group

Several hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its position in shares of VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after purchasing an additional 1,400,683 shares during the period. AI Squared Management Ltd acquired a new stake in shares of VNET Group during the fourth quarter worth about $893,000. Maso Capital Partners Ltd raised its position in shares of VNET Group by 15.6% during 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 period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of VNET Group during the first quarter worth about $328,000. Finally, Virtu Financial LLC raised its position in shares of 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 worth $293,000 after purchasing an additional 58,817 shares during the period. Institutional investors and hedge funds 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.