VNET Group (NASDAQ:VNET) Shares Down 5.9% – Here’s What Happened

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) were down 5.9% on Tuesday . The stock traded as low as $8.41 and last traded at $8.38. Approximately 2,141,782 shares traded hands during trading, a decline of 70% from the average daily volume of 7,083,226 shares. The stock had previously closed at $8.91.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Bank of America increased their price target on shares of VNET Group from $11.80 to $12.60 and gave the stock a “buy” rating in a research note on Friday, August 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of VNET Group in a report on Monday, December 8th. Finally, Wall Street Zen lowered VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.30.

VNET Group Stock Performance

The stock has a market cap of $2.28 billion, a P/E ratio of -28.32, a PEG ratio of 4.75 and a beta of 0.03. The stock has a fifty day simple moving average of $9.28 and a 200-day simple moving average of $8.39. The company has a debt-to-equity ratio of 2.88, a quick ratio of 0.90 and a current ratio of 0.90.

VNET Group (NASDAQ:VNET) last released its earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.02. The business had revenue of $362.63 million during the quarter, compared to the consensus estimate of $335.87 million. VNET Group had a negative net margin of 5.99% and a negative return on equity of 3.42%. On average, equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of VNET. EverSource Wealth Advisors LLC raised its position in shares of VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 1,426 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of VNET Group in the 2nd quarter valued at $32,000. Farther Finance Advisors LLC bought a new position in shares of VNET Group in the 2nd quarter valued at $34,000. Quantbot Technologies LP acquired a new position in shares of VNET Group during the 1st quarter worth $36,000. Finally, Summit Securities Group LLC acquired a new position in shares of VNET Group during the 1st quarter worth $40,000. 72.83% of the stock is owned by institutional investors.

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.