VNET Group (NASDAQ:VNET) Hits New 12-Month Low – Time to Sell?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $5.73 and last traded at $5.8090, with a volume of 432119 shares trading hands. The stock had previously closed at $5.98.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and issued a $14.00 price target on shares of VNET Group in a research note on Wednesday, August 19th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of VNET Group in a research report on Tuesday, July 7th. They set a “buy” rating and a $12.50 price objective for the company. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Weiss Ratings lowered shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.90.

VNET Group Stock Down 3.4%

The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -4.07 and a beta of 0.27. The business’s 50-day moving average is $6.83 and its two-hundred day moving average is $8.19. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.35.

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

Institutional Investors Weigh In On VNET Group

A number of large investors have recently made changes to their positions in the stock. Tidal Investments LLC increased its holdings in shares of VNET Group by 255.2% in the second quarter. Tidal Investments LLC now owns 332,025 shares of the information technology services provider’s stock valued at $2,669,000 after purchasing an additional 238,541 shares during the last quarter. Engineers Gate Manager LP acquired a new position in VNET Group during the second quarter worth $474,000. Squarepoint Ops LLC boosted its stake in VNET Group by 4.8% during the second quarter. Squarepoint Ops LLC now owns 71,893 shares of the information technology services provider’s stock worth $578,000 after buying an additional 3,312 shares during the last quarter. Carmignac Gestion grew its holdings in VNET Group by 1,375.1% in the 2nd quarter. Carmignac Gestion now owns 4,760,599 shares of the information technology services provider’s stock valued at $38,123,000 after buying an additional 4,437,879 shares in the last quarter. Finally, Nykredit A S purchased a new stake in VNET Group in the 2nd quarter valued at $89,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

About VNET Group

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a China-based provider of data center and information technology infrastructure services. The company operates carrier-neutral data centers that support enterprise customers, cloud service providers, internet companies, financial institutions and other organizations requiring secure, reliable computing and network capacity.

Its services include data center hosting and colocation, managed network services, cloud computing infrastructure, internet connectivity, content delivery and related information technology solutions.