VNET Group (NASDAQ:VNET) Shares Down 1.8% – Here’s Why

VNET Group, Inc. (NASDAQ:VNET)’s share price dropped 1.8% during mid-day trading on Tuesday . The company traded as low as $4.90 and last traded at $4.93. Approximately 655,782 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 1,666,763 shares. The stock had previously closed at $5.02.

Analysts Set New Price Targets

Several brokerages recently commented on VNET. The Goldman Sachs Group raised 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 report on Friday, November 29th. UBS Group raised their price target 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. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research note on Wednesday, October 9th. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Citigroup started coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Price Performance

The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $1.22 billion, a P/E ratio of -2.14 and a beta of -0.19. The firm has a fifty day moving average price of $3.81 and a two-hundred day moving average price of $3.05.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC boosted its stake in shares of VNET Group by 89.1% during the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after acquiring an additional 1,400,683 shares during the last quarter. Inspire Investing LLC purchased a new position in shares of VNET Group during the 3rd quarter valued at about $1,092,000. Geode Capital Management LLC grew its stake in shares of VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after acquiring an additional 210,124 shares during the period. Anson Funds Management LP increased its holdings in VNET Group by 84.9% in the 3rd 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. Finally, JPMorgan Chase & Co. raised its stake in VNET Group by 136,783.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock worth $558,000 after acquiring an additional 136,783 shares during the period. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.