VNET Group (NASDAQ:VNET) Shares Gap Down - Here's What Happened

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $11.73, but opened at $11.29. VNET Group shares last traded at $9.49, with a volume of 5,746,530 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on VNET shares. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. UBS Group boosted their price objective on VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a research note on Friday, November 29th. Finally, The Goldman Sachs Group raised VNET Group from a "neutral" rating to a "buy" rating and increased their target price for the company from $3.10 to $5.00 in a report on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, VNET Group presently has an average rating of "Buy" and a consensus target price of $4.78.

VNET Group Stock Performance

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's fifty day simple moving average is $8.29 and its 200 day simple moving average is $5.14. The company has a market cap of $3.11 billion, a price-to-earnings ratio of -5.44, a P/E/G ratio of 1.01 and a beta of -0.18.

Institutional Investors Weigh In On VNET Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC grew its holdings 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 valued at $34,000 after buying an additional 4,939 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of VNET Group during the 4th quarter valued at about $41,000. Wolverine Trading LLC purchased a new stake in shares of VNET Group in the third quarter valued at about $46,000. Catalina Capital Group LLC acquired a new stake in VNET Group during the fourth quarter worth about $54,000. Finally, Hsbc Holdings PLC acquired a new stake in VNET Group during the fourth quarter worth about $66,000. Institutional investors and hedge funds own 72.83% of the company's stock.

Remove Ads

About VNET Group

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.