VNET Group (NASDAQ:VNET) Trading Down 3.7%

VNET Group, Inc. (NASDAQ:VNET) shares dropped 3.7% during mid-day trading on Thursday . The stock traded as low as $2.84 and last traded at $2.85. Approximately 1,086,375 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 1,439,020 shares. The stock had previously closed at $2.96.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Citigroup began coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st.

VNET Group Stock Down 3.7 %

The stock has a 50-day moving average of $2.17 and a 200-day moving average of $1.97. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $733.58 million, a price-to-earnings ratio of -1.12, a P/E/G ratio of 5.78 and a beta of -0.32.

Institutional Trading of VNET Group

Several large investors have recently modified their holdings of VNET. Catalina Capital Group LLC bought a new position in VNET Group in the first quarter valued at approximately $26,000. Ballentine Partners LLC acquired a new position in shares of VNET Group during the 2nd quarter worth $36,000. AXA S.A. acquired a new position in shares of VNET Group during the 2nd quarter worth $65,000. Headlands Technologies LLC lifted its position in shares of VNET Group by 1,199.7% during the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock worth $66,000 after buying an additional 39,050 shares during the last quarter. Finally, Jump Financial LLC boosted its stake in shares of VNET Group by 101.6% in the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after purchasing an additional 42,537 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.