VNET Group (NASDAQ:VNET) Shares Down 1.8% – Time to Sell?

VNET Group, Inc. (NASDAQ:VNET) shares were down 1.8% during trading on Tuesday . The company traded as low as $4.90 and last traded at $4.93. Approximately 655,782 shares traded hands during trading, a decline of 61% from the average daily volume of 1,666,763 shares. The stock had previously closed at $5.02.

Analysts Set New Price Targets

A number of equities analysts have weighed in on VNET shares. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research note on Wednesday, October 9th. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Citigroup started coverage on shares of VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target on the stock. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and boosted their target price for the company from $3.10 to $5.00 in a research note on Friday, November 29th. Finally, UBS Group lifted their price target on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, VNET Group presently has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Performance

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a market cap of $1.22 billion, a PE ratio of -2.14 and a beta of -0.19. The business has a fifty day moving average of $3.81 and a 200-day moving average of $3.05.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC increased its position in shares of VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after buying an additional 1,400,683 shares during the period. Anson Funds Management LP raised its position in shares of VNET Group by 84.9% in 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 in the last quarter. GSA Capital Partners LLP lifted its stake in shares of VNET Group by 24.8% in the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after purchasing an additional 73,311 shares during the period. Geode Capital Management LLC boosted its position in shares of VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after purchasing an additional 210,124 shares in the last quarter. Finally, Inspire Investing LLC purchased a new stake in VNET Group in the third quarter worth $1,092,000. 72.83% of the stock is currently owned by institutional investors.

VNET Group Company Profile

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.