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

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $12.44, but opened at $12.00. VNET Group shares last traded at $12.13, with a volume of 651,881 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently commented on VNET. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a report on Monday, December 29th. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.30.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 2.88, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -40.03, a price-to-earnings-growth ratio of 0.98 and a beta of 0.01. The firm has a fifty day simple moving average of $10.42 and a 200 day simple moving average of $9.54.

VNET Group (NASDAQ:VNET) last released its quarterly earnings results on Thursday, November 20th. The information technology services provider reported $0.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.02. The firm had revenue of $362.63 million for the quarter, compared to analysts’ expectations of $335.87 million. VNET Group had a negative net margin of 5.99% and a negative return on equity of 3.42%. On average, analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Large investors have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in VNET Group during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC boosted its holdings in shares of VNET Group by 52.2% during the 2nd 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 during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of VNET Group in the second quarter valued at approximately $32,000. Allianz SE acquired a new stake in shares of VNET Group in the fourth quarter valued at approximately $50,000. Finally, First Horizon Advisors Inc. purchased a new position in VNET Group during the second quarter worth approximately $43,000. Hedge funds and other institutional investors own 72.83% of the company’s stock.

VNET Group Company Profile

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.