VNET Group (NASDAQ:VNET) Sets New 1-Year Low – Should You Sell?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) shares hit a new 52-week low on Tuesday. The stock traded as low as $2.94 and last traded at $2.9990, with a volume of 351,421 shares trading hands. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on VNET shares. Weiss Ratings cut shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, September 1st. UBS Group dropped their price target on shares of VNET Group from $13.40 to $6.80 and set a “buy” rating on the stock in a research note on Friday, October 30th. Finally, Morgan Stanley restated an “overweight” rating and set a $14.00 price target on shares of VNET Group in a report on Wednesday, August 19th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, VNET Group presently has an average rating of “Moderate Buy” and a consensus target price of $14.88.

VNET Group Stock Down 4.7%

The stock has a market cap of $907.49 million, a P/E ratio of -2.43 and a beta of 0.35. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 4.35. The firm’s fifty day moving average is $5.35 and its 200 day moving average is $8.23.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.04). VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. The business had revenue of $409.00 million during the quarter, compared to analyst estimates of $401.77 million. As a group, equities research analysts forecast that VNET Group, Inc. – Unsponsored ADR will post -0.51 EPS for the current year.

Institutional Investors Weigh In On VNET Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its stake in shares of VNET Group by 20.4% in the first quarter. The Manufacturers Life Insurance Company now owns 2,623,594 shares of the information technology services provider’s stock valued at $22,012,000 after purchasing an additional 443,656 shares in the last quarter. FACT Capital LP acquired a new stake in VNET Group during the first quarter worth $4,012,000. Infini Capital Management Ltd bought a new stake in VNET Group in the 2nd quarter valued at $38,883,000. Janus Henderson Group PLC bought a new stake in VNET Group in the 1st quarter valued at $1,809,000. Finally, Regal Partners Ltd acquired a new position in shares of VNET Group in the 1st quarter valued at $3,095,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Company Profile

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a provider of data center and information technology infrastructure services in China. Founded in 1999, the company operates carrier-neutral data centers that allow customers to house servers and other equipment while connecting to multiple telecommunications and internet networks.

VNET’s services include data center hosting, cloud computing, managed network services, internet connectivity, content delivery and hybrid cloud solutions.