VNET Group (NASDAQ:VNET) Stock Price Passes Above Two Hundred Day Moving Average of $1.86

VNET Group, Inc. (NASDAQ:VNET)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.86 and traded as high as $1.90. VNET Group shares last traded at $1.77, with a volume of 412,110 shares traded.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Thursday.

VNET Group Stock Up 11.4 %

The company has a 50 day moving average of $2.13 and a 200-day moving average of $1.86. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market cap of $527.67 million, a P/E ratio of -0.78 and a beta of -0.35.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Wednesday, May 29th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.13). The business had revenue of $262.89 million for the quarter, compared to the consensus estimate of $258.78 million. VNET Group had a negative net margin of 39.32% and a negative return on equity of 15.69%.

Hedge Funds Weigh In On VNET Group

A number of institutional investors have recently made changes to their positions in the stock. AI Squared Management Ltd purchased a new position in VNET Group in the fourth quarter worth $893,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of VNET Group by 14.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock worth $4,379,000 after purchasing an additional 188,593 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of VNET Group during the 1st quarter valued at about $328,000. Catalina Capital Group LLC purchased a new position in shares of VNET Group during the 1st quarter valued at about $26,000. Finally, Jump Financial LLC lifted its position in VNET Group by 101.6% in the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock worth $242,000 after buying an additional 42,537 shares during the last quarter. 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.