VNET Group (NASDAQ:VNET) Stock Price Down 5.5% – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) shares were down 5.5% on Tuesday . The company traded as low as $10.76 and last traded at $10.75. Approximately 2,247,799 shares were traded during trading, a decline of 27% from the average daily volume of 3,059,325 shares. The stock had previously closed at $11.38.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on VNET shares. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group boosted their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. Nomura Securities raised shares of VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. Citigroup upped their target price on shares of VNET Group from $16.10 to $20.00 and gave the stock a “buy” rating in a research note on Friday. Finally, StockNews.com lowered shares of VNET Group from a “hold” rating to a “sell” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, VNET Group has a consensus rating of “Buy” and an average target price of $7.98.

VNET Group Trading Down 4.5 %

The company’s fifty day moving average is $9.35 and its two-hundred day moving average is $5.68. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -4.90, a PEG ratio of 1.01 and a beta of 0.07.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The firm had revenue of $307.75 million during the quarter, compared to analyst estimates of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. On average, research analysts predict that VNET Group, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Barclays PLC lifted its stake in VNET Group by 229.3% during the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 4,939 shares during the last quarter. Headlands Technologies LLC grew its position in shares of VNET Group by 5.7% in the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider’s stock valued at $685,000 after buying an additional 7,737 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group during the fourth quarter worth about $41,000. Catalina Capital Group LLC purchased a new stake in shares of VNET Group in the 4th quarter valued at about $54,000. Finally, Wolverine Trading LLC purchased a new stake in shares of VNET Group in the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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.