VNET Group (NASDAQ:VNET) Shares Down 7.2% – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) fell 7.2% during trading on Thursday . The stock traded as low as $10.65 and last traded at $10.4650. 7,950,783 shares were traded during trading, an increase of 14% from the average session volume of 6,991,694 shares. The stock had previously closed at $11.28.

Analysts Set New Price Targets

Several research firms have commented on VNET. Jefferies Financial Group reaffirmed a “buy” rating and set a $23.55 price objective on shares of VNET Group in a research note on Monday, March 16th. Wall Street Zen raised shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Bank of America reissued a “buy” rating on shares of VNET Group in a research note on Monday, March 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.08.

VNET Group Price Performance

The company has a debt-to-equity ratio of 2.68, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a fifty day moving average of $9.09 and a two-hundred day moving average of $9.72. The stock has a market capitalization of $2.81 billion, a P/E ratio of -35.95 and a beta of 0.19.

VNET Group (NASDAQ:VNET) last released its quarterly earnings data on Monday, March 16th. The information technology services provider reported $0.00 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.04). The firm had revenue of $384.07 million during the quarter, compared to the consensus estimate of $368.64 million. VNET Group had a negative net margin of 2.48% and a positive return on equity of 1.36%. On average, analysts predict that VNET Group, Inc. – Unsponsored ADR will post 0.21 EPS for the current year.

Insider Buying and Selling at VNET Group

In related news, Director David Lifeng Chen sold 83,544 shares of VNET Group stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $1.51, for a total value of $126,151.44. Following the completion of the sale, the director directly 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 legal filing with the SEC, which is available through the SEC website. 12.10% of the stock is owned by insiders.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently added to or reduced their stakes in VNET. Leonteq Securities AG bought a new position in VNET Group in the first quarter worth about $25,000. Global Retirement Partners LLC bought a new position in VNET Group in the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC raised its holdings in VNET Group by 52.2% in the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 1,426 shares in the last quarter. Parallel Advisors LLC raised its holdings in VNET Group by 26.8% in the first quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Allianz SE bought a new position in VNET Group in the fourth quarter worth about $50,000. 72.83% of the stock is currently owned by institutional investors.

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.