VNET Group (NASDAQ:VNET) Stock Price Down 4.7% – Here’s Why

Shares of VNET Group, Inc. (NASDAQ:VNET) dropped 4.7% during trading on Thursday . The stock traded as low as $3.45 and last traded at $3.45. Approximately 60,962 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 1,506,751 shares. The stock had previously closed at $3.62.

Analyst Ratings Changes

Several analysts recently commented on the stock. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Citigroup started coverage on shares of VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price for the company. Finally, HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a report on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $3.97.

VNET Group Trading Down 5.0 %

The business’s fifty day moving average is $3.12 and its 200-day moving average is $2.38. The stock has a market capitalization of $885.46 million, a PE ratio of -1.46, a P/E/G ratio of 7.13 and a beta of -0.30. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.47.

VNET Group (NASDAQ:VNET) last released its earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. The firm had revenue of $274.35 million during the quarter, compared to the consensus estimate of $266.56 million. As a group, analysts anticipate that VNET Group, Inc. will post 0.02 EPS for the current fiscal year.

Institutional Trading of VNET Group

Several institutional investors have recently added to or reduced their stakes in VNET. Millennium Management LLC raised its holdings in VNET Group by 89.1% in 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 acquiring an additional 1,400,683 shares in the last quarter. Inspire Investing LLC bought a new stake in VNET Group during the third quarter valued at $1,092,000. Maso Capital Partners Ltd increased its stake in VNET Group by 15.6% during the first quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock valued at $2,873,000 after purchasing an additional 250,000 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in VNET Group during the first quarter valued at $328,000. Finally, Creative Planning grew its position in shares of VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after acquiring 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.