VNET Group (NASDAQ:VNET) Stock Price Down 6.3% - Time to Sell?

VNET Group, Inc. - Unsponsored ADR (NASDAQ:VNET - Get Free Report) shares dropped 6.3% during trading on Wednesday . The company traded as low as $7.05 and last traded at $7.09. Approximately 1,457,086 shares traded hands during trading, a decline of 71% from the average daily volume of 5,070,150 shares. The stock had previously closed at $7.56.

Analysts Set New Price Targets

VNET has been the subject of a number of research analyst reports. Wall Street Zen downgraded VNET Group from a "hold" rating to a "sell" rating in a research report on Saturday, July 5th. Citigroup increased their price target on VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a research report on Friday, March 14th. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, VNET Group currently has an average rating of "Buy" and an average price target of $9.30.

VNET Group Stock Up 14.1%

The stock has a 50-day simple moving average of $6.26 and a 200-day simple moving average of $7.35. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.34. The firm has a market capitalization of $2.14 billion, a PE ratio of -795.00, a P/E/G ratio of 1.31 and a beta of 0.14.

VNET Group (NASDAQ:VNET - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The information technology services provider reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). VNET Group had a return on equity of 2.11% and a net margin of 1.66%. The company had revenue of $309.52 million during the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the business earned ($0.28) earnings per share. Analysts forecast that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current year.

VNET Group declared that its Board of Directors has approved a stock repurchase plan on Friday, June 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the information technology services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On VNET Group

Several institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP purchased a new stake in VNET Group during the 1st quarter valued at about $36,000. Summit Securities Group LLC purchased a new stake in VNET Group in the 1st quarter worth approximately $40,000. Barclays PLC lifted its holdings in VNET Group by 229.3% in the 4th 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 during the period. Farther Finance Advisors LLC purchased a new stake in VNET Group in the 2nd quarter worth approximately $34,000. Finally, Headlands Technologies LLC lifted its holdings in VNET Group by 5.7% in the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock worth $685,000 after buying an additional 7,737 shares during the period. 72.83% of the stock is currently 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.