VNET Group (NASDAQ:VNET) Reaches New 12-Month Low – Here’s Why

Shares of VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) reached a new 52-week low on Monday . The stock traded as low as $7.07 and last traded at $7.1650, with a volume of 1870388 shares. The stock had previously closed at $7.21.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on VNET shares. Bank of America set a $16.30 price objective on shares of VNET Group and gave the company a “buy” rating in a research report on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of VNET Group in a report on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price target on the stock. Wall Street Zen downgraded shares of VNET Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Morgan Stanley reaffirmed an “overweight” rating and issued a $16.00 price objective on shares of VNET Group in a research note on Wednesday, May 27th. Finally, Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.40.

VNET Group Price Performance

The firm has a market cap of $1.92 billion, a P/E ratio of -5.19 and a beta of 0.28. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.99 and a quick ratio of 0.99. The stock’s 50-day simple moving average is $8.77 and its two-hundred day simple moving average is $9.62.

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

Insider Activity at VNET Group

In other news, Director Sean Shao sold 60,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1.71, for a total value of $102,600.00. Following the sale, the director directly owned 983,820 shares in the company, valued at approximately $1,682,332.20. This represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 12.10% of the company’s stock.

Institutional Trading of VNET Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. lifted its position in shares of VNET Group by 3.0% during the first quarter. Sei Investments Co. now owns 37,602 shares of the information technology services provider’s stock worth $316,000 after purchasing an additional 1,098 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of VNET Group by 26.8% in the first quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 1,160 shares during the last quarter. Orion Porfolio Solutions LLC increased its stake in VNET Group by 6.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider’s stock worth $222,000 after buying an additional 1,237 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in VNET Group by 52.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 1,426 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its holdings in VNET Group by 14.5% during the 3rd quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider’s stock valued at $118,000 after buying an additional 1,446 shares in the last quarter. Hedge funds and other institutional investors 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.