VNET Group (NASDAQ:VNET) Stock Price Down 5.7% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s stock price traded down 5.7% during mid-day trading on Tuesday . The stock traded as low as $7.67 and last traded at $7.74. 1,636,833 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 3,512,400 shares. The stock had previously closed at $8.20.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Citigroup lifted their target price on VNET Group from $16.10 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. StockNews.com cut shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Friday, March 14th. Finally, Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $9.30.

VNET Group Stock Down 2.7 %

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a fifty day moving average price of $10.05 and a two-hundred day moving average price of $6.12. The company has a market cap of $2.05 billion, a price-to-earnings ratio of -3.57, a P/E/G ratio of 1.01 and a beta of 0.07.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.04). The company had revenue of $307.75 million during the quarter, compared to analyst estimates of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. As a group, sell-side analysts expect that VNET Group, Inc. will post -0.06 EPS for the current year.

Hedge Funds Weigh In On VNET Group

Several hedge funds have recently bought and sold shares of VNET. Triata Capital Ltd bought a new position in VNET Group in the fourth quarter valued at approximately $47,377,000. D. E. Shaw & Co. Inc. bought a new position in shares of VNET Group in the 4th quarter valued at $7,183,000. Man Group plc acquired a new position in shares of VNET Group during the 4th quarter worth $5,094,000. Bank of America Corp DE lifted its position in shares of VNET Group by 610.2% during the 4th quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after buying an additional 1,029,963 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in VNET Group by 622.8% in the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after acquiring an additional 852,519 shares during the last quarter. 72.83% of the stock is owned by institutional investors.

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.