VNET Group (NASDAQ:VNET) Stock Price Down 1.8% - Here's Why

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price fell 1.8% on Tuesday . The company traded as low as $4.90 and last traded at $4.93. 655,782 shares changed hands during trading, a decline of 61% from the average session volume of 1,666,763 shares. The stock had previously closed at $5.02.

Analyst Upgrades and Downgrades

VNET has been the topic of a number of analyst reports. UBS Group lifted their price target on VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a report on Friday, November 29th. HSBC upgraded shares of VNET Group from a "hold" rating to a "buy" rating and set a $5.20 target price for the company in a report on Wednesday, October 9th. Citigroup began coverage on shares of VNET Group in a report on Wednesday, September 4th. They issued a "buy" rating and a $4.00 price target on the stock. Hsbc Global Res upgraded shares of VNET Group to a "strong-buy" rating in a research note on Wednesday, October 9th. Finally, The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and raised their target price for the company from $3.10 to $5.00 in a research note on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, VNET Group has a consensus rating of "Buy" and a consensus price target of $4.78.

VNET Group Price Performance

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The firm has a market cap of $1.22 billion, a PE ratio of -2.14 and a beta of -0.19. The stock has a 50 day moving average price of $3.79 and a two-hundred day moving average price of $3.04.

Institutional Investors Weigh In On VNET Group

A number of large investors have recently made changes to their positions in VNET. Ballentine Partners LLC acquired a new stake in VNET Group during the 2nd quarter worth about $36,000. AXA S.A. purchased a new position in shares of VNET Group in the second quarter worth about $65,000. Millennium Management LLC lifted its holdings 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 worth $6,229,000 after purchasing an additional 1,400,683 shares during the period. SG Americas Securities LLC purchased a new stake in VNET Group in the third quarter valued at approximately $262,000. Finally, Inspire Investing LLC acquired a new position in VNET Group in the 3rd quarter worth approximately $1,092,000. 72.83% of the stock is owned by hedge funds and other 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.