VNET Group (NASDAQ:VNET) Trading Down 3.1% – Here’s What Happened

Shares of VNET Group, Inc. (NASDAQ:VNET) were down 3.1% during trading on Friday . The stock traded as low as $3.78 and last traded at $3.78. Approximately 247,705 shares changed hands during trading, a decline of 84% from the average daily volume of 1,510,162 shares. The stock had previously closed at $3.90.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on VNET. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research report on Wednesday. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research report on Wednesday. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Finally, Citigroup initiated coverage on VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price on the stock. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, VNET Group has an average rating of “Buy” and an average price target of $3.97.

VNET Group Stock Performance

The stock’s fifty day simple moving average is $2.80 and its 200-day simple moving average is $2.25. The company has a market capitalization of $990.99 million, a price-to-earnings ratio of -1.67, a price-to-earnings-growth ratio of 8.27 and a beta of -0.30. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.47.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. VNET Group had a negative return on equity of 11.44% and a negative net margin of 34.62%. The business had revenue of $274.35 million for the quarter, compared to analysts’ expectations of $266.56 million. Analysts predict that VNET Group, Inc. will post 0.02 EPS for the current year.

Hedge Funds Weigh In On VNET Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC increased its position in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after buying an additional 1,400,683 shares during the period. Inspire Investing LLC acquired a new position in shares of VNET Group in the 3rd quarter valued at $1,092,000. Maso Capital Partners Ltd raised its position in VNET Group by 15.6% in the 1st 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 acquired a new stake in VNET Group during the 1st quarter worth $328,000. Finally, SG Americas Securities LLC purchased a new position in VNET Group during the 3rd quarter worth $262,000. 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.