VNET Group (NASDAQ:VNET) Share Price Crosses Above Two Hundred Day Moving Average – What’s Next?

by · The Cerbat Gem

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET – Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $8.51 and traded as high as $8.63. VNET Group shares last traded at $8.50, with a volume of 1,064,754 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.30.

Get Our Latest Report on VNET Group

VNET Group Trading Up 1.5%

The business has a 50 day simple moving average of $9.15 and a 200-day simple moving average of $8.51. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -29.03, a PEG ratio of 1.81 and a beta of 0.03. The company has a debt-to-equity ratio of 2.88, a current ratio of 0.90 and a quick ratio of 0.90.

VNET Group (NASDAQ:VNET – Get Free Report) last released its quarterly earnings data on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%.The business had revenue of $362.63 million for the quarter, compared to analysts’ expectations of $335.87 million. As a group, equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On VNET Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VNET. Invesco Ltd. raised its stake in shares of VNET Group by 7.1% in the 1st quarter. Invesco Ltd. now owns 119,104 shares of the information technology services provider’s stock valued at $977,000 after purchasing an additional 7,881 shares during the period. Nuveen LLC acquired a new stake in VNET Group in the 1st quarter valued at approximately $320,000. Wellington Management Group LLP bought a new stake in VNET Group in the 1st quarter valued at approximately $591,000. Quantbot Technologies LP acquired a new position in VNET Group during the 1st quarter worth approximately $36,000. Finally, Hsbc Holdings PLC raised its holdings in shares of VNET Group by 1,492.4% in the first quarter. Hsbc Holdings PLC now owns 221,166 shares of the information technology services provider’s stock valued at $1,812,000 after purchasing an additional 207,277 shares during the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

About VNET Group

(Get Free Report)

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.

Read More