VNET Group (NASDAQ:VNET) Shares Gap Down – Here’s What Happened

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped down before the market opened on Monday . The stock had previously closed at $14.59, but opened at $13.66. VNET Group shares last traded at $12.75, with a volume of 9,130,256 shares traded.

Analyst Ratings Changes

A number of research analysts recently issued reports on VNET shares. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and boosted their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group lifted their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Down 9.0 %

The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The stock’s 50 day simple moving average is $6.95 and its 200 day simple moving average is $4.58. The firm has a market cap of $3.42 billion, a P/E ratio of -5.97, a price-to-earnings-growth ratio of 1.01 and a beta of -0.18.

Institutional Investors Weigh In On VNET Group

Several hedge funds and other institutional investors have recently made changes to their positions in VNET. Barclays PLC boosted its stake in VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in VNET Group during the 4th quarter valued at $41,000. Wolverine Trading LLC purchased a new position in VNET Group during the 3rd quarter worth $46,000. Catalina Capital Group LLC bought a new stake in shares of VNET Group in the 4th quarter worth $54,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of VNET Group in the fourth quarter valued at about $66,000. 72.83% of the stock is owned by institutional investors.

VNET Group Company Profile

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.