VNET Group (NASDAQ:VNET) Shares Down 5.6% – What’s Next?

Shares of VNET Group, Inc. (NASDAQ:VNET) dropped 5.6% during trading on Wednesday . The company traded as low as $12.70 and last traded at $12.79. Approximately 5,882,522 shares were traded during trading, a decline of 33% from the average daily volume of 8,756,836 shares. The stock had previously closed at $13.55.

Analyst Upgrades and Downgrades

VNET has been the subject of several analyst reports. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group boosted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. Finally, Nomura Securities raised VNET Group to a “strong-buy” rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, VNET Group presently has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Trading Down 6.3 %

The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $3.27 billion, a PE ratio of -5.74, a price-to-earnings-growth ratio of 1.01 and a beta of -0.18. The stock’s 50-day moving average price is $7.33 and its 200 day moving average price is $4.74.

Institutional Trading of VNET Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning grew its position in shares of VNET Group by 124.1% in the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after purchasing an additional 64,866 shares in the last quarter. WT Asset Management Ltd purchased a new stake in VNET Group during the third quarter worth approximately $326,000. GSA Capital Partners LLP increased its position in shares of VNET Group by 24.8% during the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock worth $1,506,000 after purchasing an additional 73,311 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in VNET Group in the 3rd quarter valued at about $199,000. Finally, Walleye Capital LLC purchased a new position in VNET Group during the third quarter worth about $115,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

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.