VNET Group (NASDAQ:VNET) Shares Gap Down – What’s Next?

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) gapped down before the market opened on Friday . The stock had previously closed at $14.03, but opened at $13.15. VNET Group shares last traded at $13.3530, with a volume of 2,115,734 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently weighed in on VNET. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a report on Monday, December 29th. Wall Street Zen cut shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, VNET Group has a consensus rating of “Moderate Buy” and an average target price of $16.30.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 2.88, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $3.69 billion, a P/E ratio of -45.76, a price-to-earnings-growth ratio of 1.07 and a beta of 0.01. The company has a 50 day simple moving average of $10.02 and a 200-day simple moving average of $9.36.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data 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 company had revenue of $362.63 million for the quarter, compared to analysts’ expectations of $335.87 million. VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%. On average, equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Orion Porfolio Solutions LLC raised its position in VNET Group by 6.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider’s stock worth $222,000 after purchasing an additional 1,237 shares during the period. EverSource Wealth Advisors LLC boosted its position in VNET Group by 52.2% during the second 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 during the period. Raymond James Financial Inc. grew its stake in shares of VNET Group by 14.5% during the third quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider’s stock valued at $118,000 after buying an additional 1,446 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of VNET Group by 13.3% in the fourth quarter. Farther Finance Advisors LLC now owns 13,689 shares of the information technology services provider’s stock worth $116,000 after buying an additional 1,611 shares during the period. Finally, Main Management ETF Advisors LLC grew its position in VNET Group by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 183,222 shares of the information technology services provider’s stock worth $1,550,000 after acquiring an additional 1,872 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.