VNET Group (NASDAQ:VNET) Stock Price Up 5%

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on VNET. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research note on Saturday, June 22nd. Bank of America raised 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 report on Tuesday, March 19th.

VNET Group Stock Performance

The stock’s fifty day moving average price is $2.01 and its two-hundred day moving average price is $1.96. The company has a market cap of $589.45 million, a P/E ratio of -0.87 and a beta of -0.36. 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 issued its quarterly earnings results on Wednesday, May 29th. The information technology services provider reported ($0.12) earnings per share (EPS) 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 business had revenue of $262.89 million during the quarter, compared to the consensus estimate of $258.78 million.

Hedge Funds Weigh In On VNET Group

Institutional investors have recently added to or reduced their stakes in the stock. Catalina Capital Group LLC bought a new position in VNET Group in the first quarter valued at about $26,000. Headlands Technologies LLC increased its stake 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 buying an additional 39,050 shares during the period. Jump Financial LLC raised its holdings in VNET Group by 101.6% in the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after buying an additional 42,537 shares during the last quarter. Virtu Financial LLC boosted its position in VNET Group by 135.9% during the 4th quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock worth $293,000 after buying an additional 58,817 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in VNET Group during the 1st quarter worth approximately $328,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.