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

VNET Group, Inc. (NASDAQ:VNET)’s share price gapped down prior to trading on Monday . The stock had previously closed at $11.73, but opened at $11.29. VNET Group shares last traded at $9.49, with a volume of 5,746,530 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on VNET. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $3.10 to $5.00 in a research report on Friday, November 29th. Nomura Securities raised VNET Group to a “strong-buy” rating in a research note on Friday, February 21st. Finally, UBS Group boosted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating 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 two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Down 14.5 %

The company has a market cap of $2.58 billion, a P/E ratio of -4.52, a P/E/G ratio of 1.01 and a beta of -0.18. The company’s 50-day moving average is $7.85 and its two-hundred day moving average is $4.96. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Barclays PLC boosted its position in shares of VNET Group by 229.3% during the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of VNET Group during the 4th quarter valued at about $41,000. Wolverine Trading LLC bought a new stake in shares of VNET Group in the third quarter worth approximately $46,000. Catalina Capital Group LLC purchased a new position in shares of VNET Group during the fourth quarter valued at approximately $54,000. Finally, Hsbc Holdings PLC bought a new position in VNET Group during the fourth quarter valued at approximately $66,000. 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.