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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of VNET Group from a "hold" rating to a "sell" rating in a research report on Saturday. Citigroup boosted their price target 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. One equities research 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 company's stock. According to MarketBeat.com, VNET Group currently has an average rating of "Buy" and a consensus price target of $9.30.

VNET Group Stock Down 4.6%

The firm's 50-day simple moving average is $6.21 and its two-hundred day simple moving average is $7.30. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of -720.00, a PEG ratio of 1.42 and a beta of 0.14.

VNET Group (NASDAQ:VNET - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $309.52 million during the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the prior year, the firm earned ($0.28) EPS. On average, sell-side analysts expect that VNET Group, Inc. - Unsponsored ADR will post -0.06 EPS for the current fiscal year.

VNET Group announced that its board has approved a stock repurchase program on Friday, June 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the information technology services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of VNET. Ascent Group LLC purchased a new position in VNET Group in the first quarter worth $98,000. Caxton Associates LLP purchased a new stake in VNET Group in the first quarter worth approximately $892,000. KADENSA CAPITAL Ltd purchased a new position in VNET Group in the 1st quarter worth approximately $8,135,000. Amundi bought a new stake in shares of VNET Group in the first quarter worth about $5,093,000. Finally, Point72 Europe London LLP bought a new stake in shares of VNET Group during the 1st quarter valued at about $2,611,000. 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.