VNET Group (NASDAQ:VNET) Trading Down 4.5%

VNET Group, Inc. (NASDAQ:VNET) shares dropped 4.5% on Wednesday . The stock traded as low as $3.54 and last traded at $3.58. Approximately 275,474 shares traded hands during trading, a decline of 81% from the average daily volume of 1,478,100 shares. The stock had previously closed at $3.75.

Analyst Ratings Changes

VNET has been the topic of several research reports. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. Citigroup began coverage on shares of VNET Group in a report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective on the stock.

VNET Group Stock Performance

The firm has a market capitalization of $926.64 million, a PE ratio of -1.36, a P/E/G ratio of 7.77 and a beta of -0.32. The business has a 50-day simple moving average of $2.39 and a 200-day simple moving average of $2.10. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.87.

VNET Group (NASDAQ:VNET) last posted its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. VNET Group had a negative net margin of 34.62% and a negative return on equity of 11.44%. The company had revenue of $274.35 million for the quarter, compared to the consensus estimate of $266.56 million. Equities research analysts expect that VNET Group, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Catalina Capital Group LLC purchased a new position in VNET Group in the first quarter valued at $26,000. Ballentine Partners LLC purchased a new stake in VNET Group in the 2nd quarter valued at about $36,000. AXA S.A. acquired a new position in shares of VNET Group in the 2nd quarter worth approximately $65,000. Headlands Technologies LLC increased its holdings in VNET Group by 1,199.7% in the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after purchasing an additional 39,050 shares during the last quarter. Finally, Virtu Financial LLC raised its holdings in shares of VNET Group by 135.9% in the 4th quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock valued at $293,000 after buying an additional 58,817 shares during the period. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.