VNET Group (NASDAQ:VNET) Shares Up 5%

VNET Group, Inc. (NASDAQ:VNET)’s stock price shot up 5% during mid-day trading on Wednesday . The stock traded as high as $2.30 and last traded at $2.29. 128,906 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,576,907 shares. The stock had previously closed at $2.18.

Analyst Ratings Changes

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

VNET Group Price Performance

The company’s fifty day moving average price is $2.04 and its two-hundred day moving average price is $1.97. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data 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). The firm had revenue of $262.89 million for the quarter, compared to analyst estimates of $258.78 million. VNET Group had a negative return on equity of 15.69% and a negative net margin of 39.32%.

Institutional Trading of VNET Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Catalina Capital Group LLC acquired a new stake in shares of VNET Group in the first quarter valued at approximately $26,000. Headlands Technologies LLC increased its holdings in shares of VNET Group by 1,199.7% in the first quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after purchasing an additional 39,050 shares in the last quarter. Jump Financial LLC increased its holdings in shares of VNET Group by 101.6% in the fourth quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after purchasing an additional 42,537 shares in the last quarter. Virtu Financial LLC increased its holdings in shares of VNET Group by 135.9% in the fourth quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock valued at $293,000 after purchasing an additional 58,817 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of VNET Group in the first quarter valued at approximately $328,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Company Profile

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.