StockNews.com Downgrades VNET Group (NASDAQ:VNET) to Sell

StockNews.com lowered shares of VNET Group (NASDAQ:VNET) from a hold rating to a sell rating in a research report released on Wednesday.

VNET Group Price Performance

NASDAQ:VNET opened at $1.85 on Wednesday. The company has a 50-day moving average of $2.14 and a 200-day moving average of $1.88. The company has a market capitalization of $476.19 million, a price-to-earnings ratio of -0.70 and a beta of -0.35. VNET Group has a 52 week low of $1.39 and a 52 week high of $3.88. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings results on Wednesday, May 29th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.13). VNET Group had a negative net margin of 39.32% and a negative return on equity of 15.69%. The firm had revenue of $262.89 million for the quarter, compared to the consensus estimate of $258.78 million.

Hedge Funds Weigh In On VNET Group

Several institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of VNET Group by 14.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock worth $4,379,000 after acquiring an additional 188,593 shares during the last quarter. AI Squared Management Ltd bought a new position in shares of VNET Group in the fourth quarter worth about $893,000. Jump Financial LLC raised its stake in shares of VNET Group by 101.6% in the fourth quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock worth $242,000 after acquiring an additional 42,537 shares during the last quarter. Virtu Financial LLC raised its stake in shares of VNET Group by 135.9% in the fourth quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock worth $293,000 after acquiring an additional 58,817 shares during the last quarter. Finally, Catalina Capital Group LLC bought a new position in shares of VNET Group in the first quarter worth about $26,000. 72.83% of the stock is owned by 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.