VNET Group (NASDAQ:VNET) Sees Large Volume Increase – Should You Buy?

Shares of VNET Group, Inc. (NASDAQ:VNET) saw strong trading volume on Wednesday . 8,601,919 shares changed hands during trading, an increase of 132% from the previous session’s volume of 3,710,305 shares.The stock last traded at $5.06 and had previously closed at $5.77.

Wall Street Analyst Weigh In

VNET has been the subject of a number of analyst reports. Nomura Securities upgraded shares of VNET Group to a “strong-buy” rating in a report on Friday, February 21st. Citigroup increased their price objective on VNET Group from $16.10 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Finally, StockNews.com cut VNET Group from a “hold” rating to a “sell” rating in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $9.30.

VNET Group Price Performance

The stock has a market cap of $1.43 billion, a P/E ratio of -2.50, a price-to-earnings-growth ratio of 1.01 and a beta of 0.15. The firm has a 50-day moving average price of $9.92 and a 200-day moving average price of $6.33. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

VNET Group (NASDAQ:VNET) last announced its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The business had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. On average, analysts forecast that VNET Group, Inc. will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Triata Capital Ltd purchased a new stake in shares of VNET Group in the 4th quarter worth approximately $47,377,000. D. E. Shaw & Co. Inc. bought a new position in VNET Group during the 4th quarter valued at about $7,183,000. Man Group plc purchased a new stake in VNET Group in the fourth quarter worth approximately $5,094,000. Bank of America Corp DE grew its holdings in shares of VNET Group by 610.2% in the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after acquiring an additional 1,029,963 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in VNET Group by 622.8% in the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock worth $4,690,000 after purchasing an additional 852,519 shares during the last quarter. Hedge funds and other institutional investors 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.