VNET Group (NASDAQ:VNET) Shares Gap Down - Here's Why

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $6.48, but opened at $6.24. VNET Group shares last traded at $6.21, with a volume of 937,588 shares trading hands.

Analyst Ratings Changes

VNET has been the topic of several research analyst reports. Wall Street Zen downgraded shares of VNET Group from a "hold" rating to a "sell" rating in a report on Tuesday, May 6th. Nomura Securities upgraded shares of VNET Group to a "strong-buy" rating in a report on Friday, February 21st. Finally, Citigroup increased their price objective on shares of VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $9.30.

VNET Group Stock Down 4.6%

The company has a market cap of $1.66 billion, a P/E ratio of -2.78, a price-to-earnings-growth ratio of 1.01 and a beta of 0.14. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The business's fifty day moving average is $6.76 and its two-hundred day moving average is $6.73.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.04). The company had revenue of $307.75 million for the quarter, compared to analysts' expectations of $284.88 million. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. Equities analysts predict that VNET Group, Inc. will post -0.06 EPS for the current year.

Institutional Trading of VNET Group

A number of hedge funds have recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. purchased a new position in VNET Group during the 4th quarter valued at about $152,000. Hsbc Holdings PLC bought a new position in shares of VNET Group during the fourth quarter valued at approximately $66,000. JPMorgan Chase & Co. boosted its stake in shares of VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider's stock valued at $558,000 after purchasing an additional 136,783 shares in the last quarter. Norges Bank purchased a new position in VNET Group during the fourth quarter valued at approximately $1,708,000. Finally, Barclays PLC raised its stake in VNET Group by 229.3% in the fourth quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after buying an additional 4,939 shares in the last quarter. 72.83% of the stock is owned by hedge funds and other 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.

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