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

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

Wall Street Analysts Forecast Growth

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

VNET Group Trading Down 4.5 %

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a fifty day moving average price of $9.35 and a two-hundred day moving average price of $5.68. The firm has a market capitalization 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 issued its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.04). The company had revenue of $307.75 million during the quarter, compared to analysts’ expectations of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. As a group, research analysts forecast that VNET Group, Inc. will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after buying an additional 210,124 shares during the period. Asset Management One Co. Ltd. acquired a new stake in VNET Group during the fourth quarter worth $152,000. JPMorgan Chase & Co. raised its position in VNET Group by 136,783.0% in the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after purchasing an additional 136,783 shares during the period. Virtu Financial LLC acquired a new position in shares of VNET Group in the 3rd quarter valued at $519,000. Finally, SG Americas Securities LLC lifted its stake in shares of VNET Group by 534.6% in the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock valued at $1,931,000 after purchasing an additional 343,140 shares during the last quarter. 72.83% of the stock is currently 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.