VNET Group (NASDAQ:VNET) Trading Down 5.9% – Here’s Why

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) dropped 5.9% on Thursday . The company traded as low as $9.70 and last traded at $9.6110. Approximately 679,346 shares changed hands during trading, a decline of 91% from the average daily volume of 7,161,146 shares. The stock had previously closed at $10.21.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on VNET. Wall Street Zen raised shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research cut shares of VNET Group from a “hold” rating to a “strong sell” rating in a research report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a research report on Friday, March 27th. Bank of America reissued a “buy” rating on shares of VNET Group in a research report on Monday, March 16th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $23.55 target price on shares of VNET Group in a research report on Monday, March 16th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.08.

VNET Group Trading Down 3.3%

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 2.68. The business’s 50 day moving average is $9.13 and its 200-day moving average is $9.72. The firm has a market cap of $2.67 billion, a P/E ratio of -34.12 and a beta of 0.19.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Monday, March 16th. The information technology services provider reported $0.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). The company had revenue of $384.07 million during 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 forecast that VNET Group, Inc. – Unsponsored ADR will post 0.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other VNET Group news, Director David Lifeng Chen sold 83,544 shares of the business’s stock in a transaction 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 $504,587.64. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.10% of the stock is currently owned by insiders.

Institutional Trading of VNET Group

Several institutional investors have recently added to or reduced their stakes in the business. Triata Capital Ltd increased its stake in VNET Group by 4.6% during the fourth quarter. Triata Capital Ltd now owns 12,498,810 shares of the information technology services provider’s stock valued at $105,740,000 after purchasing an additional 550,841 shares during the last quarter. Norges Bank bought a new stake in VNET Group during the fourth quarter valued at $65,650,000. Farallon Capital Management LLC increased its stake in VNET Group by 14.5% during the fourth quarter. Farallon Capital Management LLC now owns 6,285,386 shares of the information technology services provider’s stock valued at $53,174,000 after purchasing an additional 796,266 shares during the last quarter. UBS Group AG increased its stake in VNET Group by 73.2% during the third quarter. UBS Group AG now owns 4,283,660 shares of the information technology services provider’s stock valued at $44,250,000 after purchasing an additional 1,809,987 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in VNET Group by 674.8% during the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock valued at $23,067,000 after purchasing an additional 2,911,604 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

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.