VNET Group (NASDAQ:VNET) Trading Down 8.6% – What’s Next?

VNET Group, Inc. (NASDAQ:VNET)’s share price was down 8.6% during trading on Wednesday . The company traded as low as $4.93 and last traded at $4.93. Approximately 2,452,612 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 3,889,363 shares. The stock had previously closed at $5.39.

Analyst Ratings Changes

VNET has been the subject of a number of recent analyst reports. Citigroup boosted their target price on VNET Group from $16.10 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. StockNews.com lowered VNET Group from a “hold” rating to a “sell” rating in a research note on Friday, March 14th. Finally, Nomura Securities raised VNET Group to a “strong-buy” rating in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $9.30.

VNET Group Stock Performance

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 business has a 50 day moving average price of $9.79 and a 200 day moving average price of $6.35. The stock has a market cap of $1.21 billion, a P/E ratio of -2.12, a PEG ratio of 1.01 and a beta of 0.15.

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

Institutional Investors Weigh In On VNET Group

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

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.