VNET Group (NASDAQ:VNET) Sets New 12-Month Low – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s share price reached a new 52-week low on Thursday. The stock traded as low as $5.08 and last traded at $5.0750, with a volume of 2762144 shares traded. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

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

VNET Group Stock Performance

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.35. The firm has a market cap of $1.38 billion, a P/E ratio of -3.59 and a beta of 0.23. The business has a fifty day simple moving average of $6.57 and a 200-day simple moving average of $7.97.

VNET Group (NASDAQ:VNET) last announced its earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The business had revenue of $409.00 million for the quarter, compared to the consensus estimate of $401.77 million. VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. On average, sell-side analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.48 EPS 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. Leonteq Securities AG purchased a new position in shares of VNET Group during the first quarter valued at approximately $25,000. Parallel Advisors LLC grew its stake in shares of VNET Group by 26.8% in the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after buying an additional 1,160 shares during the last quarter. Nykredit A S bought a new position in VNET Group during the 2nd quarter valued at approximately $89,000. Lido Advisors LLC purchased a new position in VNET Group during the first quarter valued at $126,000. Finally, Blue Trust Inc. boosted its holdings in VNET Group by 38.4% in the first quarter. Blue Trust Inc. now owns 17,791 shares of the information technology services provider’s stock worth $149,000 after acquiring an additional 4,932 shares in the last quarter. 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.