VNET Group (NASDAQ:VNET) Stock Price Down 8.8% – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) fell 8.8% during mid-day trading on Monday . The stock traded as low as $9.43 and last traded at $9.59. 2,452,008 shares traded hands during trading, a decline of 64% from the average session volume of 6,843,905 shares. The stock had previously closed at $10.51.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $12.60.

VNET Group Stock Down 10.3%

The business’s 50 day moving average is $11.10 and its 200-day moving average is $9.89. The company has a debt-to-equity ratio of 2.88, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of -31.48, a PEG ratio of 0.82 and a beta of 0.01.

VNET Group (NASDAQ:VNET) last posted its earnings results on Monday, March 16th. The information technology services provider reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.04). VNET Group had a negative return on equity of 3.42% and a negative net margin of 5.99%.The business had revenue of $384.07 million for the quarter, compared to analyst estimates of $368.64 million. On average, sell-side analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC raised its position in shares of VNET Group by 46.0% during the 4th quarter. Hsbc Holdings PLC now owns 1,293,571 shares of the information technology services provider’s stock worth $10,944,000 after buying an additional 407,517 shares in the last quarter. Virtu Financial LLC bought a new position in VNET Group during the fourth quarter worth $157,000. Dorsey Wright & Associates grew its stake in shares of VNET Group by 5.9% in the 4th quarter. Dorsey Wright & Associates now owns 222,482 shares of the information technology services provider’s stock valued at $1,882,000 after purchasing an additional 12,345 shares during the period. Alden Global Capital LLC grew its holdings in shares of VNET Group by 9.4% in the 4th quarter. Alden Global Capital LLC now owns 1,075,500 shares of the information technology services provider’s stock valued at $9,099,000 after buying an additional 92,600 shares during the period. Finally, Trexquant Investment LP acquired a new stake in shares of VNET Group in the 4th quarter valued at approximately $1,964,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

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.