VNET Group (NASDAQ:VNET) Shares Down 3.5% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s stock price was down 3.5% during trading on Wednesday . The stock traded as low as $4.12 and last traded at $4.15. Approximately 173,096 shares traded hands during trading, a decline of 89% from the average daily volume of 1,570,428 shares. The stock had previously closed at $4.30.

Wall Street Analyst Weigh In

Several equities analysts recently commented on VNET shares. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $3.10 to $5.00 in a report on Friday, November 29th. Citigroup initiated coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective for the company. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research report on Wednesday, October 9th. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Price Performance

The firm’s 50-day moving average price is $3.71 and its two-hundred day moving average price is $2.76. The stock has a market cap of $1.03 billion, a PE ratio of -1.77 and a beta of -0.19. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Investors Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently bought and sold shares of VNET. Ballentine Partners LLC purchased a new stake in VNET Group during the second quarter valued at approximately $36,000. AXA S.A. purchased a new stake in VNET Group during the second quarter valued at approximately $65,000. Millennium Management LLC lifted its position in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after acquiring an additional 1,400,683 shares during the last quarter. SG Americas Securities LLC acquired a new position in VNET Group during the 3rd quarter valued at approximately $262,000. Finally, Inspire Investing LLC acquired a new position in VNET Group during the 3rd quarter valued at approximately $1,092,000. Hedge funds and other institutional investors 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.