Why VNET Stock Soared Nearly 13% on Friday - The Crypto Market’s Latest Surprise Rally
VNET shares ripped higher Friday—climbing almost 13% in a single session as traders piled into the digital infrastructure play.
Behind the surge? Pure momentum-chasing behavior.
No earnings bombshell. No major partnership reveal. Just classic market FOMO doing what it does best—pumping numbers on a slow summer Friday.
Wall Street analysts stayed quiet—no major upgrades, no price target revisions. Sometimes a rally is just a rally—especially when crypto-adjacent stocks catch a speculative bid.
Another day, another double-digit swing in a sector that still thinks 'fundamentals' are a type of mental math. At least the volatility keeps things interesting.
One of the top Vnet bulls weighs in
Friday's raiser was' Edison Lee, who increased his price target on Vnet's ADS to $25.13 apiece; formerly, he had placed a level of $24.23 on them. He maintained his buy recommendation on the equity as he did so.
Image source: Getty Images.
According to reports, with the MOVE Lee is also maintaining Vnet as a top pick at his company. He acknowledged the company beat the broader analyst consensus estimates for both revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) growth in its second quarter.
The pundit wrote that although the company didn't snag major wholesale contracts during the quarter -- as entirely expected -- it is well positioned to do so in the remaining part of this year. Additionally, even without fresh contracts Vnet did extremely well with wholesale, as revenue growth from the segment ballooned by 81% year-over year.
Taking advantage of the trend
Any way it's dissected, Vnet's second quarter was impressive. It managed to grow overall net revenue by 22% to 2.43 billion yuan ($339 million), while its non-GAAP (adjusted) EBITDA swelled almost 28% to almost 733 million yuan ($102 million). With the relentless advance of artificial intelligence (AI), the better data center operators around the world are benefiting from expansion; Vnet is no exception.
