VNET Group (NASDAQ:VNET) Shares Down 2.7% – What’s Next?

VNET Group, Inc. (NASDAQ:VNET)’s share price traded down 2.7% during trading on Tuesday . The stock traded as low as $6.25 and last traded at $6.27. 410,434 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 3,633,858 shares. The stock had previously closed at $6.44.

Analyst Upgrades and Downgrades

VNET has been the subject of several recent analyst reports. Nomura Securities upgraded shares of VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. Citigroup boosted their price target on shares of VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Finally, StockNews.com downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, VNET Group currently has an average rating of “Buy” and an average price target of $9.30.

VNET Group Stock Performance

The stock has a market cap of $1.46 billion, a PE ratio of -2.55, a P/E/G ratio of 1.01 and a beta of 0.15. The firm’s 50-day moving average is $9.96 and its 200 day moving average is $6.31. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Triata Capital Ltd purchased a new stake in shares of VNET Group during the fourth quarter worth approximately $47,377,000. D. E. Shaw & Co. Inc. acquired a new position in VNET Group in the 4th quarter valued at $7,183,000. Man Group plc purchased a new position in VNET Group during the 4th quarter worth $5,094,000. Bank of America Corp DE lifted its stake in shares of VNET Group by 610.2% in the 4th 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 acquiring an additional 1,029,963 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of 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 acquiring an additional 852,519 shares in the last quarter. 72.83% of the stock is currently owned by hedge funds and other 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.