VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price was down 4.7% during mid-day trading on Thursday . The stock traded as low as $3.45 and last traded at $3.45. Approximately 60,962 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 1,506,751 shares. The stock had previously closed at $3.62.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on VNET. Citigroup started coverage on shares of VNET Group in a research report on Wednesday, September 4th. They set a "buy" rating and a $4.00 target price on the stock. StockNews.com raised VNET Group from a "sell" rating to a "hold" rating in a research note on Wednesday, August 21st. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a research note on Wednesday, October 9th. Finally, HSBC upgraded shares of VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective for the company in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $3.97.
View Our Latest Research Report on VNET
VNET Group Trading Down 8.6 %
The firm has a market capitalization of $851.99 million, a price-to-earnings ratio of -1.47, a price-to-earnings-growth ratio of 7.13 and a beta of -0.30. The business's fifty day moving average is $3.12 and its 200 day moving average is $2.38. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.47.
VNET Group (NASDAQ:VNET - Get Free Report) last issued its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. The firm had revenue of $274.35 million for the quarter, compared to analyst estimates of $266.56 million. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. Equities analysts predict that VNET Group, Inc. will post 0.02 earnings per share for the current year.
Institutional Investors Weigh In On VNET Group
Several large investors have recently made changes to their positions in VNET. Millennium Management LLC lifted its stake in VNET Group by 89.1% in 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. Maso Capital Partners Ltd lifted its position in shares of VNET Group by 15.6% in the first quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider's stock valued at $2,873,000 after buying an additional 250,000 shares during the last quarter. Inspire Investing LLC bought a new position in shares of VNET Group during the 3rd quarter worth approximately $1,092,000. Susquehanna Fundamental Investments LLC bought a new position in VNET Group during the first quarter worth $328,000. Finally, Creative Planning increased its holdings 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 during the last quarter. Institutional investors and hedge funds own 72.83% of the company's stock.
About VNET Group
(
Get Free Report)
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.
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