VNET Group (NASDAQ:VNET) Price Target Raised to $7.00 at UBS Group

VNET Group (NASDAQ:VNET) had its price objective upped by equities research analysts at UBS Group from $6.40 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. UBS Group’s price target would indicate a potential upside of 81.35% from the stock’s current price.

Several other analysts have also recently issued reports on the company. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research report on Wednesday, October 9th. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, Citigroup started coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price on the stock. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $4.73.

VNET Group Stock Performance

Shares of VNET Group stock opened at $3.86 on Friday. The company has a market capitalization of $993.56 million, a PE ratio of -1.74 and a beta of -0.27. VNET Group has a 52 week low of $1.39 and a 52 week high of $4.50. The stock’s fifty day moving average is $3.66 and its two-hundred day moving average is $2.70. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

VNET Group (NASDAQ:VNET) last released its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The company had revenue of $274.35 million for the quarter, compared to the consensus estimate of $266.56 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. As a group, analysts expect that VNET Group will post -0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Inspire Investing LLC acquired a new stake in VNET Group during the 3rd quarter valued at approximately $1,092,000. Millennium Management LLC lifted its position in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after purchasing an additional 1,400,683 shares during the period. Blue Trust Inc. boosted its holdings in VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after purchasing an additional 37,322 shares during the last quarter. Ballentine Partners LLC acquired a new stake in VNET Group during the 2nd quarter worth about $36,000. Finally, Creative Planning raised its stake in shares of VNET Group by 124.1% during the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after buying an additional 64,866 shares during the last quarter. 72.83% of the stock is 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.