VNET Group (NASDAQ:VNET) Stock Price Down 3.7% - Here's What Happened

Shares of VNET Group, Inc. (NASDAQ:VNET - Get Free Report) traded down 3.7% on Friday . The company traded as low as $11.20 and last traded at $11.63. 842,660 shares were traded during mid-day trading, a decline of 91% from the average session volume of 9,258,330 shares. The stock had previously closed at $12.07.

Analyst Upgrades and Downgrades

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

VNET Group Trading Down 5.0 %

The business has a 50 day simple moving average of $8.59 and a 200-day simple moving average of $5.28. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of -5.17, a price-to-earnings-growth ratio of 1.01 and a beta of 0.07.

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Institutional Trading of VNET Group

Hedge funds have recently added to or reduced their stakes in the business. Barclays PLC boosted its stake in VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after buying an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in VNET Group in the 4th quarter worth about $41,000. Wolverine Trading LLC acquired a new stake in VNET Group in the 3rd quarter worth about $46,000. Catalina Capital Group LLC acquired a new stake in VNET Group in the 4th quarter worth about $54,000. Finally, Hsbc Holdings PLC acquired a new stake in VNET Group in the 4th quarter worth about $66,000. 72.83% of the stock is owned by institutional investors and hedge funds.

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.