VNET Group, Inc. (NASDAQ:VNET – Get Free Report)’s stock price shot up 9.2% during trading on Tuesday . The stock traded as high as $3.68 and last traded at $3.68. 1,087,379 shares were traded during mid-day trading, a decline of 28% from the average session volume of 1,515,563 shares. The stock had previously closed at $3.37.
Wall Street Analyst Weigh In
Several brokerages recently commented on VNET. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research report on Wednesday, October 9th. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, Citigroup initiated coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $3.97.
View Our Latest Research Report on VNET Group
VNET Group Trading Up 16.7 %
VNET Group (NASDAQ:VNET – Get Free Report) last announced its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. The company had revenue of $274.35 million for the quarter, compared to analyst estimates of $266.56 million. As a group, analysts expect that VNET Group, Inc. will post 0.02 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of VNET. Millennium Management LLC increased its stake in shares of VNET Group by 89.1% during 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 purchasing an additional 1,400,683 shares during the last quarter. Inspire Investing LLC acquired a new position in shares of VNET Group during the 3rd quarter worth $1,092,000. Maso Capital Partners Ltd increased its stake in shares of VNET Group by 15.6% during 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 purchasing an additional 250,000 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in VNET Group in the 1st quarter valued at $328,000. Finally, WT Asset Management Ltd acquired a new position in VNET Group in the 3rd quarter valued at $326,000. 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.
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