VNET Group (NASDAQ:VNET) Shares Down 5.3% – Time to Sell?

VNET Group, Inc. (NASDAQ:VNET)’s share price dropped 5.3% during trading on Wednesday . The stock traded as low as $3.73 and last traded at $3.73. Approximately 378,750 shares changed hands during trading, a decline of 76% from the average daily volume of 1,608,952 shares. The stock had previously closed at $3.94.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Citigroup initiated coverage on VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price on the stock. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research report on Wednesday, October 9th. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, UBS Group increased their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. One research 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 data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Performance

The firm’s 50-day moving average price is $3.72 and its 200 day moving average price is $2.90. The company has a market cap of $947.22 million, a price-to-earnings ratio of -1.66 and a beta of -0.19. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

Institutional Trading of VNET Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its stake in VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after buying an additional 1,400,683 shares during the last quarter. Anson Funds Management LP raised its holdings in VNET Group by 84.9% during the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after acquiring an additional 206,580 shares in the last quarter. GSA Capital Partners LLP boosted its position in 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 valued at $1,506,000 after purchasing an additional 73,311 shares during the last quarter. Geode Capital Management LLC grew its stake in VNET Group by 237.7% in the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after purchasing an additional 210,124 shares in the last quarter. Finally, Inspire Investing LLC acquired a new position in shares of VNET Group during the 3rd quarter worth approximately $1,092,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

About VNET Group

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.