VNET Group (NASDAQ:VNET) Shares Down 5.6% - Here's Why

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price dropped 5.6% during mid-day trading on Wednesday . The company traded as low as $12.70 and last traded at $12.79. Approximately 5,882,522 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 8,756,836 shares. The stock had previously closed at $13.55.

Analysts Set New Price Targets

VNET has been the topic of a number of recent analyst reports. UBS Group upped their target price 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. The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. Finally, Nomura Securities upgraded shares of VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $4.78.

VNET Group Trading Down 1.5 %

The stock has a market cap of $3.02 billion, a price-to-earnings ratio of -5.28, a price-to-earnings-growth ratio of 1.01 and a beta of -0.18. The firm's 50 day moving average is $7.85 and its two-hundred day moving average is $4.96. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

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Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of VNET. Creative Planning grew its position in VNET Group by 124.1% in the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider's stock worth $478,000 after purchasing an additional 64,866 shares during the last quarter. GSA Capital Partners LLP boosted its holdings 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 worth $1,506,000 after buying an additional 73,311 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in VNET Group during the third quarter worth approximately $199,000. Walleye Capital LLC bought a new stake in VNET Group during the third quarter worth approximately $115,000. Finally, Wolverine Trading LLC bought a new stake in VNET Group during the third quarter worth approximately $46,000. 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.