StockNews.com Downgrades VNET Group (NASDAQ:VNET) to Sell

StockNews.com lowered shares of VNET Group (NASDAQ:VNET - Free Report) from a hold rating to a sell rating in a report published on Tuesday.

VNET has been the topic of a number of other reports. Citigroup raised their target price on shares of VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, VNET Group has an average rating of "Buy" and a consensus target price of $9.30.

VNET Group Trading Down 0.7%

VNET Group stock traded down $0.04 during midday trading on Tuesday, reaching $5.96. The stock had a trading volume of 3,797,420 shares, compared to its average volume of 4,336,920. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group has a 52-week low of $1.71 and a 52-week high of $16.13. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -2.68, a price-to-earnings-growth ratio of 1.01 and a beta of 0.14. The company has a fifty day moving average of $7.58 and a 200 day moving average of $6.61.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The firm had revenue of $307.75 million during the quarter, compared to analysts' expectations of $284.88 million. On average, analysts anticipate that VNET Group will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On VNET Group

A number of institutional investors have recently modified their holdings of the stock. Barclays PLC increased its holdings in 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 period. Headlands Technologies LLC increased its holdings in VNET Group by 5.7% during the fourth quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock valued at $685,000 after buying an additional 7,737 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in VNET Group during the fourth quarter valued at approximately $41,000. Bingham Private Wealth LLC purchased a new position in VNET Group during the first quarter valued at approximately $86,000. Finally, Catalina Capital Group LLC purchased a new position in VNET Group during the fourth quarter valued at approximately $54,000. 72.83% of the stock is 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.