VNET Group (NASDAQ:VNET) Trading Down 3.8% – Time to Sell?

Shares of VNET Group, Inc. (NASDAQ:VNET) traded down 3.8% during trading on Tuesday . The company traded as low as $8.55 and last traded at $8.65. 818,525 shares were traded during trading, a decline of 75% from the average session volume of 3,271,248 shares. The stock had previously closed at $8.99.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VNET. UBS Group raised their price objective on shares of 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 raised shares of VNET Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $3.10 to $5.00 in a research report on Friday, November 29th. StockNews.com lowered VNET Group from a “hold” rating to a “sell” rating in a report on Friday, March 14th. Nomura Securities upgraded VNET Group to a “strong-buy” rating in a report on Friday, February 21st. Finally, Citigroup lifted their target price on VNET Group from $16.10 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $9.30.

VNET Group Stock Performance

The company’s 50-day simple moving average is $9.88 and its 200 day simple moving average is $5.98. The stock has a market cap of $2.29 billion, a P/E ratio of -4.01, a PEG ratio of 1.01 and a beta of 0.07. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The business had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. As a group, sell-side analysts expect that VNET Group, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Trading of VNET Group

A number of large investors have recently added to or reduced their stakes in VNET. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of VNET Group in the 3rd quarter worth approximately $199,000. Walleye Capital LLC bought a new stake in shares of VNET Group in the third quarter valued at $115,000. Wolverine Trading LLC purchased a new position in shares of VNET Group during the 3rd quarter valued at $46,000. XTX Topco Ltd bought a new position in shares of VNET Group during the 3rd quarter worth $343,000. Finally, Anson Funds Management LP grew its stake in shares of VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after acquiring an additional 206,580 shares during the period. Hedge funds and other institutional investors 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.