The Goldman Sachs Group Upgrades VNET Group (NASDAQ:VNET) to Buy

VNET Group (NASDAQ:VNET) was upgraded by analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a $5.00 price target on the information technology services provider’s stock, up from their prior price target of $3.10. The Goldman Sachs Group’s target price indicates a potential upside of 29.53% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research report on Wednesday, October 9th. Citigroup assumed coverage on VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company. UBS Group increased their price target on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, VNET Group presently has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Up 7.5 %

Shares of NASDAQ VNET opened at $3.86 on Friday. The firm has a market cap of $993.56 million, a price-to-earnings ratio of -1.74 and a beta of -0.27. VNET Group has a 1 year low of $1.39 and a 1 year high of $4.50. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The stock’s 50-day simple moving average is $3.66 and its 200-day simple moving average is $2.70.

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. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The business had revenue of $274.35 million during the quarter, compared to the consensus estimate of $266.56 million. As a group, equities analysts anticipate that VNET Group will post -0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Several large investors have recently bought and sold shares of VNET. Virtu Financial LLC bought a new stake in VNET Group in the third quarter worth about $519,000. Geode Capital Management LLC grew its holdings in shares of VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after buying an additional 210,124 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of VNET Group in the third quarter worth approximately $191,000. Anson Funds Management LP boosted its stake in shares of 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 valued at $1,836,000 after buying an additional 206,580 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of VNET Group during the 3rd quarter valued at $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.