VNET Group (NASDAQ:VNET) Trading Down 5.3% - Time to Sell?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares traded down 5.3% during mid-day trading on Wednesday . The stock traded as low as $3.73 and last traded at $3.73. 378,750 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,608,952 shares. The stock had previously closed at $3.94.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Citigroup initiated coverage on shares of VNET Group in a research report on Wednesday, September 4th. They set a "buy" rating and a $4.00 price objective for the company. StockNews.com upgraded shares of VNET Group from a "sell" rating to a "hold" rating in a report on Wednesday, August 21st. UBS Group upped their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a report on Friday, November 29th. Hsbc Global Res raised shares of VNET Group to a "strong-buy" rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group raised VNET Group from a "neutral" rating to a "buy" rating and boosted their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, VNET Group has a consensus rating of "Buy" and a consensus target price of $4.78.

VNET Group Price Performance

The stock has a market capitalization of $921.48 million, a P/E ratio of -1.61 and a beta of -0.19. The business's 50 day simple moving average is $3.72 and its two-hundred day simple moving average is $2.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Trading of VNET Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its position in shares of VNET Group by 89.1% during 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 buying an additional 1,400,683 shares during the last quarter. Inspire Investing LLC bought a new position in VNET Group during the 3rd quarter valued at $1,092,000. Geode Capital Management LLC boosted its holdings in VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock worth $1,218,000 after acquiring an additional 210,124 shares during the last quarter. Anson Funds Management LP boosted its holdings in VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock worth $1,836,000 after acquiring an additional 206,580 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of VNET Group in the 3rd quarter worth $519,000. 72.83% of the stock is owned by institutional investors.

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.