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

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $6.04, but opened at $5.62. VNET Group shares last traded at $5.64, with a volume of 2,552,246 shares trading hands.

Analysts Set New Price Targets

VNET has been the topic of a number of recent research reports. Wall Street Zen lowered 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 research report on Friday, March 14th. One 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, the company presently has a consensus rating of "Buy" and an average target price of $9.30.

VNET Group Trading Down 9.4%

The business's 50 day moving average is $6.42 and its two-hundred day moving average is $6.82. 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 $1.47 billion, a P/E ratio of -2.46, a PEG ratio of 1.01 and a beta of 0.14.

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

Institutional Trading of VNET Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP acquired a new position in shares of VNET Group in the 1st quarter valued at about $36,000. Summit Securities Group LLC acquired a new stake in shares of VNET Group in the first quarter worth $40,000. Barclays PLC grew its stake in shares of 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 acquiring an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group in the fourth quarter worth $41,000. Finally, Liontrust Investment Partners LLP acquired a new stake in shares of VNET Group in the first quarter worth $78,000. Institutional investors and hedge funds own 72.83% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.