VNET Group (NASDAQ:VNET) Stock Price Down 5.3% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET) was down 5.3% during trading on Wednesday . The company traded as low as $3.73 and last traded at $3.73. Approximately 378,750 shares traded hands during trading, a decline of 76% from the average daily volume of 1,608,952 shares. The stock had previously closed at $3.94.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on VNET shares. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $3.10 to $5.00 in a report on Friday, November 29th. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. Citigroup began coverage on shares of VNET Group in a report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price on the stock. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Finally, UBS Group increased 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 equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Price Performance

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a fifty day moving average of $3.72 and a two-hundred day moving average of $2.90. The stock has a market cap of $947.22 million, a price-to-earnings ratio of -1.66 and a beta of -0.19.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new position in shares of VNET Group during the 3rd quarter worth about $519,000. Geode Capital Management LLC grew its stake in shares of VNET Group by 237.7% during the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after buying an additional 210,124 shares during the period. Public Employees Retirement System of Ohio acquired a new position in VNET Group during the 3rd quarter worth approximately $191,000. Anson Funds Management LP boosted its holdings in 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 during the period. Finally, XTX Topco Ltd acquired a new position in shares of VNET Group during the third quarter worth $343,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.