VNET Group, Inc. (NASDAQ:VNET – Get Free Report) shares saw unusually-high trading volume on Thursday . Approximately 1,550,880 shares were traded during trading, a decline of 11% from the previous session’s volume of 1,743,905 shares.The stock last traded at $3.55 and had previously closed at $3.54.
Analyst Upgrades and Downgrades
VNET has been the subject of a number of recent research reports. HSBC increased their price objective on shares of VNET Group from $2.90 to $3.00 in a research note on Friday, August 25th. StockNews.com downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Thursday.
VNET Group Price Performance
VNET Group (NASDAQ:VNET – Get Free Report) last issued its earnings results on Wednesday, August 23rd. The information technology services provider reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.20). The firm had revenue of $251.23 million during the quarter, compared to the consensus estimate of $264.65 million. VNET Group had a negative net margin of 3.48% and a negative return on equity of 3.68%. On average, sell-side analysts expect that VNET Group, Inc. will post -0.23 earnings per share for the current fiscal year.
Institutional Investors Weigh In On VNET Group
Institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in shares of VNET Group by 749.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 8,561 shares of the information technology services provider’s stock valued at $28,000 after purchasing an additional 7,553 shares during the period. JPMorgan Chase & Co. bought a new position in VNET Group in the 2nd quarter valued at about $29,000. Tudor Investment Corp Et Al bought a new position in VNET Group in the 2nd quarter valued at about $30,000. Envestnet Asset Management Inc. bought a new position in VNET Group in the 1st quarter valued at about $35,000. Finally, Quadrant Capital Group LLC raised its holdings in VNET Group by 1,698.5% in the 2nd quarter. Quadrant Capital Group LLC now owns 16,276 shares of the information technology services provider’s stock valued at $47,000 after acquiring an additional 15,371 shares during the period. 72.83% of the stock is owned by institutional investors.
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.
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