VNET Group (NASDAQ:VNET) Sets New 52-Week Low – What’s Next?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s share price hit a new 52-week low during mid-day trading on Tuesday. The stock traded as low as $2.94 and last traded at $2.9990, with a volume of 351,421 shares changing hands. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Weiss Ratings downgraded shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, September 1st. UBS Group cut their target price on VNET Group from $13.40 to $6.80 and set a “buy” rating on the stock in a research report on Friday. Morgan Stanley reissued an “overweight” rating and issued a $14.00 target price on shares of VNET Group in a report on Wednesday, August 19th. Finally, Deutsche Bank Aktiengesellschaft started coverage on VNET Group in a research report on Tuesday, July 7th. They issued a “buy” rating and a $12.50 target price for the company. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, VNET Group has a consensus rating of “Moderate Buy” and an average price target of $14.88.

VNET Group Stock Down 1.2%

The firm has a market cap of $802.00 million, a price-to-earnings ratio of -2.10 and a beta of 0.36. The firm’s 50 day moving average price is $5.49 and its two-hundred day moving average price is $8.31. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97.

VNET Group (NASDAQ:VNET) last released its quarterly earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The company had revenue of $409.00 million for the quarter, compared to analysts’ expectations of $401.77 million. VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. As a group, sell-side analysts forecast that VNET Group, Inc. – Unsponsored ADR will post -0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of VNET. Sei Investments Co. increased its stake in shares of VNET Group by 3.0% during the first quarter. Sei Investments Co. now owns 37,602 shares of the information technology services provider’s stock worth $316,000 after acquiring an additional 1,098 shares during the period. Parallel Advisors LLC raised its holdings in VNET Group by 26.8% during 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. Personal CFO Solutions LLC raised its holdings in VNET Group by 4.6% during the first quarter. Personal CFO Solutions LLC now owns 37,199 shares of the information technology services provider’s stock worth $312,000 after purchasing an additional 1,637 shares in the last quarter. Leonteq Securities AG purchased a new position in VNET Group during the first quarter worth about $25,000. Finally, Squarepoint Ops LLC lifted its position in VNET Group by 4.8% in the second quarter. Squarepoint Ops LLC now owns 71,893 shares of the information technology services provider’s stock valued at $578,000 after purchasing an additional 3,312 shares during the period. 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 provider of data center and information technology infrastructure services in China. Founded in 1999, the company operates carrier-neutral data centers that allow customers to house servers and other equipment while connecting to multiple telecommunications and internet networks.

VNET’s services include data center hosting, cloud computing, managed network services, internet connectivity, content delivery and hybrid cloud solutions.