VNET Group (NASDAQ:VNET) Shares Down 5.5% – What’s Next?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) was down 5.5% on Thursday . The company traded as low as $7.53 and last traded at $7.7050. 1,418,878 shares were traded during trading, a decline of 80% from the average session volume of 7,212,473 shares. The stock had previously closed at $8.15.

Analyst Ratings Changes

VNET has been the subject of several recent research reports. Morgan Stanley reiterated an “overweight” rating and set a $16.00 price target on shares of VNET Group in a report on Wednesday, May 27th. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 27th. Bank of America set a $16.30 target price on shares of VNET Group and gave the company a “buy” rating in a report on Tuesday, May 26th. Jefferies Financial Group reissued a “buy” rating and set a $24.79 price target on shares of VNET Group in a research report on Tuesday, May 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, VNET Group has an average rating of “Hold” and an average price target of $19.03.

VNET Group Stock Performance

The firm has a market cap of $2.10 billion, a PE ratio of -5.66 and a beta of 0.25. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 3.99. The company has a 50-day simple moving average of $9.34 and a two-hundred day simple moving average of $9.78.

VNET Group (NASDAQ:VNET) last announced its earnings results on Tuesday, May 26th. The information technology services provider reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. As a group, equities research analysts forecast that VNET Group, Inc. – Unsponsored ADR will post -0.24 earnings per share for the current year.

Insider Transactions at VNET Group

In related news, Director Sean Shao sold 60,000 shares of the company’s stock in a transaction 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 sale, the director owned 983,820 shares of the company’s stock, valued at $1,682,332.20. This represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its stake 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 buying an additional 1,160 shares in the last quarter. Liontrust Investment Partners LLP raised its stake in VNET Group by 40.1% during the 1st quarter. Liontrust Investment Partners LLP now owns 56,929 shares of the information technology services provider’s stock worth $478,000 after acquiring an additional 16,286 shares in the last quarter. Bank of America Corp DE lifted its position in VNET Group by 15.4% in the first quarter. Bank of America Corp DE now owns 642,612 shares of the information technology services provider’s stock valued at $5,392,000 after acquiring an additional 85,780 shares during the last quarter. Janus Henderson Group PLC purchased a new position in shares of VNET Group during the first quarter worth about $1,809,000. Finally, Amundi increased its position in shares of VNET Group by 30.1% during the first quarter. Amundi now owns 248,802 shares of the information technology services provider’s stock worth $2,087,000 after purchasing an additional 57,616 shares in the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.