VNET Group (NASDAQ:VNET) Downgraded by Zacks Research to Strong Sell

VNET Group (NASDAQ:VNET) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Bank of America reissued a “buy” rating on shares of VNET Group in a research note on Monday, March 16th. Wall Street Zen upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Jefferies Financial Group restated a “buy” rating and issued a $23.55 target price on shares of VNET Group in a report on Monday, March 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a research report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.08.

VNET Group Stock Performance

Shares of VNET opened at $10.09 on Monday. The stock has a market capitalization of $2.73 billion, a P/E ratio of -34.79 and a beta of 0.19. The firm’s fifty day simple moving average is $9.12 and its two-hundred day simple moving average is $9.72. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 2.68. VNET Group has a 12 month low of $5.14 and a 12 month high of $14.48.

VNET Group (NASDAQ:VNET) last posted its earnings results on Monday, March 16th. The information technology services provider reported $0.00 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.04). The firm had revenue of $384.07 million for the quarter, compared to the consensus estimate of $368.64 million. VNET Group had a positive return on equity of 1.36% and a negative net margin of 2.48%. As a group, analysts predict that VNET Group will post 0.21 EPS for the current year.

Insider Transactions at VNET Group

In other news, Director David Lifeng Chen sold 83,544 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the completion of the sale, the director owned 334,164 shares in the company, valued at approximately $504,587.64. The trade was a 20.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 12.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On VNET Group

Large investors have recently bought and sold shares of the company. GSA Capital Partners LLP lifted its stake in shares of VNET Group by 110.3% in the 3rd quarter. GSA Capital Partners LLP now owns 236,240 shares of the information technology services provider’s stock worth $2,440,000 after acquiring an additional 123,901 shares during the period. Temasek Holdings Private Ltd acquired a new stake in VNET Group in the 3rd quarter valued at about $3,087,000. William Blair Investment Management LLC acquired a new stake in VNET Group in the 3rd quarter valued at about $15,951,000. DNB Asset Management AS acquired a new stake in VNET Group in the 3rd quarter valued at about $1,744,000. Finally, American Century Companies Inc. grew its stake in VNET Group by 180.3% in the 3rd quarter. American Century Companies Inc. now owns 1,711,976 shares of the information technology services provider’s stock valued at $17,685,000 after acquiring an additional 1,101,137 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.

About VNET Group

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.