VNET Group (NASDAQ:VNET) Hits New 52-Week Low – Time to Sell?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $4.92 and last traded at $4.9250, with a volume of 867,315 shares. The stock had previously closed at $5.26.

Analyst Upgrades and Downgrades

VNET has been the subject of a number of research reports. Morgan Stanley reiterated an “overweight” rating and set a $14.00 target price on shares of VNET Group in a research report on Wednesday, August 19th. Weiss Ratings cut shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Deutsche Bank Aktiengesellschaft began coverage on shares of VNET Group in a research note on Tuesday, July 7th. They set a “buy” rating and a $12.50 price target on the stock. Finally, Wall Street Zen lowered shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.90.

VNET Group Stock Down 11.3%

The company has a 50 day simple moving average of $6.42 and a two-hundred day simple moving average of $7.87. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.35. The company has a market capitalization of $1.26 billion, a P/E ratio of -3.29 and a beta of 0.23.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The company had revenue of $409.00 million for the quarter, compared to analysts’ expectations of $401.77 million. VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. As a group, equities analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.48 EPS for the current year.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently bought and sold shares of VNET. Tidal Investments LLC grew its stake in VNET Group by 255.2% in the 2nd quarter. Tidal Investments LLC now owns 332,025 shares of the information technology services provider’s stock worth $2,669,000 after acquiring an additional 238,541 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in VNET Group in the second quarter worth about $474,000. Squarepoint Ops LLC grew its holdings in VNET Group by 4.8% during the 2nd quarter. Squarepoint Ops LLC now owns 71,893 shares of the information technology services provider’s stock worth $578,000 after acquiring an additional 3,312 shares in the last quarter. Carmignac Gestion grew its holdings in VNET Group by 1,375.1% during the 2nd quarter. Carmignac Gestion now owns 4,760,599 shares of the information technology services provider’s stock worth $38,123,000 after acquiring an additional 4,437,879 shares in the last quarter. Finally, Nykredit A S bought a new position in VNET Group during the 2nd quarter worth about $89,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ:VNET) is a carrier- and cloud-neutral data center services provider in China. The company develops and operates internet data centers that support the hosting, connectivity, and technology infrastructure needs of businesses, government organizations, cloud service providers, and internet companies.

Its services include data center colocation, cloud computing, managed network services, and other information technology infrastructure solutions. VNET’s facilities are designed to provide customers with secure space, power, connectivity, and related operational support for servers and other mission-critical systems.