VNET Group (NASDAQ:VNET) Stock Price Down 7.4% – Time to Sell?

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) were down 7.4% during trading on Friday. The stock traded as low as $4.14 and last traded at $4.0740. 987,180 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 6,204,576 shares. The stock had previously closed at $4.40.

Wall Street Analysts Forecast Growth

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

VNET Group Trading Down 6.3%

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.35. The firm has a 50 day moving average of $6.32 and a 200 day moving average of $7.81. The firm has a market cap of $1.12 billion, a PE ratio of -2.90 and a beta of 0.23.

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

Institutional Trading of VNET Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Infini Capital Management Ltd purchased a new stake in shares of VNET Group during the 2nd quarter valued at approximately $38,883,000. Carmignac Gestion boosted 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 worth $38,123,000 after buying an additional 4,437,879 shares during the period. Senvest Management LLC grew its stake in VNET Group by 211.7% in the 1st quarter. Senvest Management LLC now owns 2,779,637 shares of the information technology services provider’s stock valued at $23,321,000 after buying an additional 1,887,883 shares in the last quarter. Greenwoods Asset Management Hong Kong Ltd. purchased a new position in VNET Group in the 2nd quarter valued at approximately $5,214,000. Finally, FACT Capital LP bought a new stake in VNET Group during the 1st quarter valued at $4,012,000. Institutional investors own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc (NASDAQ:VNET) is a carrier- and cloud-neutral data center services provider in China. The company develops and operates internet data centers that support the hosting, connectivity, and technology infrastructure needs of businesses, government organizations, cloud service providers, and internet companies.

Its services include data center colocation, cloud computing, managed network services, and other information technology infrastructure solutions. VNET’s facilities are designed to provide customers with secure space, power, connectivity, and related operational support for servers and other mission-critical systems.