VNET Group (NASDAQ:VNET) Shares Down 5.3% – What’s Next?

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

Wall Street Analyst Weigh In

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

VNET Group Price Performance

The company’s fifty day moving average is $3.72 and its two-hundred day moving average is $2.92. 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 firm has a market capitalization of $931.78 million, a price-to-earnings ratio of -1.63 and a beta of -0.19.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Trading LLC bought a new stake in VNET Group in the third quarter valued at about $46,000. Ballentine Partners LLC acquired a new position in shares of VNET Group during the 2nd quarter worth about $36,000. Walleye Capital LLC bought a new stake in shares of VNET Group in the 3rd quarter valued at about $115,000. AXA S.A. bought a new stake in shares of VNET Group in the 2nd quarter valued at about $65,000. Finally, Blue Trust Inc. boosted its stake in VNET Group by 785.4% during the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 37,322 shares during the last quarter. 72.83% of the stock is currently owned by 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.