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

VNET Group, Inc. (NASDAQ:VNET)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $14.59, but opened at $13.66. VNET Group shares last traded at $12.75, with a volume of 9,130,256 shares.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. UBS Group increased their price target on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the company from $3.10 to $5.00 in a research report on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Stock Down 9.0 %

The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of -5.97, a P/E/G ratio of 1.01 and a beta of -0.18. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a fifty day moving average of $6.95 and a two-hundred day moving average of $4.58.

Institutional Trading of VNET Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Triata Capital Ltd bought a new stake in shares of VNET Group in the 4th quarter valued at $47,377,000. D. E. Shaw & Co. Inc. bought a new stake in VNET Group during the fourth quarter valued at $7,183,000. Man Group plc acquired a new stake in VNET Group during the 4th quarter worth about $5,094,000. Bank of America Corp DE raised its position in shares of VNET Group by 610.2% in the 4th quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider’s stock worth $5,682,000 after acquiring an additional 1,029,963 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of VNET Group by 622.8% in the 4th quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider’s stock valued at $4,690,000 after purchasing an additional 852,519 shares during the period. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.