VNET Group (NASDAQ:VNET) Shares Gap Up – Should You Buy?

VNET Group, Inc. (NASDAQ:VNET) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.76, but opened at $4.05. VNET Group shares last traded at $4.10, with a volume of 1,009,832 shares.

Analysts Set New Price Targets

A number of research analysts have commented on VNET shares. Citigroup started coverage on shares of VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target for the company. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Finally, HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research note on Wednesday, October 9th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, VNET Group presently has a consensus rating of “Buy” and an average price target of $3.97.

VNET Group Trading Down 13.4 %

The company has a market cap of $965.25 million, a price-to-earnings ratio of -1.71, a price-to-earnings-growth ratio of 7.67 and a beta of -0.27. The company’s fifty day moving average price is $3.60 and its two-hundred day moving average price is $2.64. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.47.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $274.35 million during the quarter, compared to analyst estimates of $266.56 million. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. Research analysts expect that VNET Group, Inc. will post 0.02 earnings per share for the current year.

Institutional Trading of VNET Group

A number of institutional investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in VNET Group during the 3rd quarter worth $519,000. Geode Capital Management LLC grew its holdings in VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after acquiring an additional 210,124 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in VNET Group during the 3rd quarter worth $191,000. Anson Funds Management LP grew its holdings in VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after acquiring an additional 206,580 shares during the period. Finally, XTX Topco Ltd acquired a new stake in VNET Group during the 3rd quarter worth $343,000. 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.