VNET Group (NASDAQ:VNET) Trading Down 4.4% – What’s Next?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price fell 4.4% on Wednesday . The company traded as low as $6.63 and last traded at $6.5870. 387,221 shares were traded during mid-day trading, a decline of 94% from the average session volume of 6,565,574 shares. The stock had previously closed at $6.89.

Analysts Set New Price Targets

Several equities research analysts recently commented on VNET shares. Jefferies Financial Group reissued a “buy” rating and set a $24.79 price objective on shares of VNET Group in a research note on Tuesday, May 26th. Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 target price on shares of VNET Group in a research note on Wednesday, August 19th. Bank of America set a $16.30 price target on VNET Group and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Zacks Research upgraded VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.90.

VNET Group Stock Performance

The stock has a market capitalization of $1.80 billion, a P/E ratio of -4.68 and a beta of 0.32. 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 business has a fifty day moving average price of $7.51 and a 200-day moving average price of $9.01.

VNET Group (NASDAQ:VNET) last released its quarterly earnings data on Tuesday, August 18th. The information technology services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.04). VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%.The business had revenue of $409.00 million during the quarter, compared to the consensus estimate of $401.77 million. On average, sell-side analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.27 EPS for the current year.

Insider Activity

In other news, Director Sean Shao sold 60,000 shares of VNET Group stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.71, for a total value of $102,600.00. Following the completion of the sale, the director directly owned 983,820 shares in the company, valued at $1,682,332.20. The trade was a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 12.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in VNET. Nykredit A S purchased a new stake in VNET Group in the second quarter worth approximately $89,000. Greenwoods Asset Management Hong Kong Ltd. purchased a new stake in VNET Group during the 2nd quarter valued at $5,214,000. Headlands Technologies LLC purchased a new stake in VNET Group during the 2nd quarter valued at $1,925,000. Public Employees Retirement System of Ohio bought a new position in shares of VNET Group during the 2nd quarter valued at $245,000. Finally, Parallel Advisors LLC lifted its holdings in shares of VNET Group by 26.8% during the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock valued at $46,000 after buying an additional 1,160 shares during the period. 72.83% of the stock is owned by hedge funds and other institutional investors.

VNET Group Company Profile

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.