VNET Group (NASDAQ:VNET) Shares Down 4.4% – Time to Sell?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s stock price fell 4.4% during trading on Wednesday . The stock traded as low as $6.63 and last traded at $6.5870. 387,221 shares changed hands during trading, a decline of 94% from the average daily volume of 6,565,574 shares. The stock had previously closed at $6.89.

Analyst Upgrades and Downgrades

Several analysts have issued reports on VNET shares. Bank of America set a $16.30 target price on shares of VNET Group and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Morgan Stanley restated an “overweight” rating and set a $14.00 price target on shares of VNET Group in a research report on Wednesday, August 19th. Zacks Research raised shares of VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Wall Street Zen downgraded VNET Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of VNET Group in a research note on Wednesday, July 15th. Four investment 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.90.

VNET Group Price Performance

The business’s 50 day moving average is $7.60 and its two-hundred day moving average is $9.07. The firm has a market capitalization of $1.79 billion, a PE ratio of -4.65 and a beta of 0.32. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings data on Tuesday, August 18th. The information technology services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%.The company had revenue of $409.00 million for the quarter, compared to the consensus estimate of $401.77 million. As a group, research analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.27 EPS 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 that occurred on Monday, June 1st. The shares were sold at an average price of $1.71, for a total transaction of $102,600.00. Following the transaction, the director directly owned 983,820 shares of the company’s stock, valued at approximately $1,682,332.20. This trade represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.10% of the stock is owned by insiders.

Institutional Investors Weigh In On VNET Group

Several institutional investors have recently bought and sold shares of the stock. Sei Investments Co. raised its holdings in VNET Group by 3.0% in 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 in the last quarter. Parallel Advisors LLC boosted its holdings in shares of 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 valued at $46,000 after buying an additional 1,160 shares in the last quarter. Orion Porfolio Solutions LLC grew its position in shares of 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 last quarter. EverSource Wealth Advisors LLC grew its position in shares of 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 last quarter. Finally, Raymond James Financial Inc. raised its stake in shares of 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 worth $118,000 after acquiring an additional 1,446 shares in the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

About VNET Group

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.