VNET Group (NASDAQ:VNET) Sets New 12-Month Low – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price hit a new 52-week low during trading on Friday . The company traded as low as $7.10 and last traded at $7.3350, with a volume of 418254 shares changing hands. The stock had previously closed at $7.72.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VNET. Morgan Stanley restated an “overweight” rating and issued a $16.00 target price on shares of VNET Group in a report on Wednesday, May 27th. Bank of America set a $16.30 target price on VNET Group and gave the company a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings reiterated a “sell (d+)” rating on shares of VNET Group in a research report on Wednesday. Wall Street Zen cut VNET Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Zacks Research upgraded VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, VNET Group has an average rating of “Moderate Buy” and an average price target of $17.40.

VNET Group Price Performance

The company has a market cap of $1.98 billion, a PE ratio of -5.34 and a beta of 0.28. The stock has a fifty day moving average price of $9.04 and a 200-day moving average price of $9.67. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.99 and a quick ratio of 0.99.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($1.17). The business had revenue of $390.32 million for the quarter, compared to analysts’ expectations of $388.47 million. VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. On average, equities analysts expect that VNET Group, Inc. – Unsponsored ADR will post -0.24 earnings per share for the current year.

Insider Buying and Selling

In other VNET Group news, Director Sean Shao sold 60,000 shares of VNET Group stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $1.71, for a total transaction of $102,600.00. Following the transaction, the director owned 983,820 shares of the company’s stock, valued at $1,682,332.20. The trade was a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On VNET Group

A number of large investors have recently made changes to their positions in VNET. Leonteq Securities AG acquired a new position in shares of VNET Group during the 1st quarter worth about $25,000. Global Retirement Partners LLC acquired a new stake in VNET Group in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC increased its position in VNET Group by 52.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after buying an additional 1,426 shares during the period. Parallel Advisors LLC increased its position in VNET Group by 26.8% in the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after buying an additional 1,160 shares during the period. Finally, Allianz SE acquired a new position in shares of VNET Group during the fourth quarter worth approximately $50,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Company Profile

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.