Shares of VNET Group, Inc. (NASDAQ:VNET - Get Free Report) fell 8.6% during mid-day trading on Wednesday . The stock traded as low as $4.93 and last traded at $4.93. 2,452,612 shares were traded during trading, a decline of 37% from the average session volume of 3,889,363 shares. The stock had previously closed at $5.39.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on VNET. StockNews.com downgraded VNET Group from a "hold" rating to a "sell" rating in a report on Friday, March 14th. Nomura Securities upgraded shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. Finally, Citigroup upped their target price on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, VNET Group currently has an average rating of "Buy" and a consensus price target of $9.30.
Read Our Latest Analysis on VNET
VNET Group Stock 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 company has a 50 day moving average price of $9.50 and a 200 day moving average price of $6.38. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -2.16, a P/E/G ratio of 1.01 and a beta of 0.15.
VNET Group (NASDAQ:VNET - Get Free Report) last announced its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). The business had revenue of $307.75 million during the quarter, compared to analysts' expectations of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. Equities research analysts predict that VNET Group, Inc. will post -0.06 earnings per share for the current fiscal year.
Hedge Funds Weigh In On VNET Group
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Triata Capital Ltd purchased a new position in shares of VNET Group in the fourth quarter valued at $47,377,000. Millennium Management LLC raised its stake in VNET Group by 3.4% in the fourth quarter. Millennium Management LLC now owns 5,578,371 shares of the information technology services provider's stock valued at $26,441,000 after purchasing an additional 181,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in VNET Group by 4.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock valued at $10,170,000 after purchasing an additional 93,891 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new position in VNET Group in the 4th quarter worth approximately $7,183,000. Finally, Bank of America Corp DE lifted its stake in VNET Group by 610.2% during the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider's stock worth $5,682,000 after purchasing an additional 1,029,963 shares during the last quarter. Institutional investors 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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