VNET Group (NASDAQ:VNET) Hits New 1-Year Low – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s share price reached a new 52-week low on Wednesday. The stock traded as low as $4.92 and last traded at $4.9250, with a volume of 867,315 shares changing hands. The stock had previously closed at $5.26.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 price target on shares of VNET Group in a research note on Wednesday, August 19th. Wall Street Zen cut shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Deutsche Bank Aktiengesellschaft started coverage on shares of VNET Group in a research note on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price objective on the stock. Finally, Weiss Ratings downgraded shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, September 1st. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.90.

VNET Group Stock Down 2.0%

The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50-day simple moving average of $6.32 and a two-hundred day simple moving average of $7.81. The company has a market cap of $1.19 billion, a PE ratio of -3.10 and a beta of 0.23.

VNET Group (NASDAQ:VNET) last announced its earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04). VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. The firm had revenue of $409.00 million during the quarter, compared to analyst estimates of $401.77 million. Research analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Several institutional investors and hedge funds have recently modified their holdings of VNET. Tidal Investments LLC boosted its position in VNET Group by 255.2% during the second quarter. Tidal Investments LLC now owns 332,025 shares of the information technology services provider’s stock worth $2,669,000 after acquiring an additional 238,541 shares during the last quarter. Engineers Gate Manager LP acquired a new position in VNET Group in the 2nd quarter valued at $474,000. Squarepoint Ops LLC raised its holdings in VNET Group by 4.8% in the 2nd quarter. Squarepoint Ops LLC now owns 71,893 shares of the information technology services provider’s stock valued at $578,000 after acquiring an additional 3,312 shares during the last quarter. Carmignac Gestion raised its holdings in VNET Group by 1,375.1% in the 2nd quarter. Carmignac Gestion now owns 4,760,599 shares of the information technology services provider’s stock valued at $38,123,000 after acquiring an additional 4,437,879 shares during the last quarter. Finally, Nykredit A S purchased a new position in shares of VNET Group during the 2nd quarter worth $89,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ:VNET) is a carrier- and cloud-neutral data center services provider in China. The company develops and operates internet data centers that support the hosting, connectivity, and technology infrastructure needs of businesses, government organizations, cloud service providers, and internet companies.

Its services include data center colocation, cloud computing, managed network services, and other information technology infrastructure solutions. VNET’s facilities are designed to provide customers with secure space, power, connectivity, and related operational support for servers and other mission-critical systems.