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

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped down prior to trading on Monday . The stock had previously closed at $14.59, but opened at $13.66. VNET Group shares last traded at $12.75, with a volume of 9,130,256 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently commented on VNET shares. Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a report on Friday, February 21st. UBS Group upped their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Finally, The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, VNET Group currently has an average rating of “Buy” and an average target price of $4.78.

VNET Group Stock Performance

The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -5.91, a PEG ratio of 1.01 and a beta of -0.18. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The company’s 50-day moving average price is $7.33 and its two-hundred day moving average price is $4.74.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in VNET. Triata Capital Ltd bought a new stake in VNET Group in the fourth quarter worth approximately $47,377,000. D. E. Shaw & Co. Inc. acquired a new position in shares of VNET Group during the 4th quarter valued at $7,183,000. Man Group plc bought a new position in VNET Group during the fourth quarter worth $5,094,000. Bank of America Corp DE grew its holdings in VNET Group by 610.2% in the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after purchasing an additional 1,029,963 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in VNET Group by 622.8% in the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after purchasing an additional 852,519 shares in the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

About VNET Group

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.