VNET Group (NASDAQ:VNET) Sets New 52-Week Low – Here’s What Happened

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $7.10 and last traded at $7.3350, with a volume of 418254 shares traded. The stock had previously closed at $7.72.

Analysts Set New Price Targets

Several research firms have recently commented on VNET. Jefferies Financial Group restated a “buy” rating and issued a $24.79 target price on shares of VNET Group in a research note on Tuesday, May 26th. Bank of America set a $16.30 price target on shares of VNET Group and gave the stock a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings reissued a “sell (d+)” rating on shares of VNET Group in a report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of VNET Group in a research report on Tuesday, July 7th. They issued a “buy” rating and a $12.50 price objective for the company. Finally, Zacks Research raised VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, VNET Group presently has a consensus rating of “Moderate Buy” and an average target price of $17.40.

VNET Group Stock Performance

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 3.99. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of -5.39 and a beta of 0.28. The stock’s 50 day moving average price is $9.00 and its two-hundred day moving average price is $9.65.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Tuesday, May 26th. The information technology services provider reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.03) by ($1.17). The company had revenue of $390.32 million during the quarter, compared to analyst estimates of $388.47 million. VNET Group had a negative net margin of 22.01% and a negative return on equity of 31.59%. On average, analysts forecast that VNET Group, Inc. – Unsponsored ADR will post -0.24 EPS for the current year.

Insider Activity

In other news, Director Sean Shao sold 60,000 shares of VNET Group stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.71, for a total transaction of $102,600.00. Following the completion of the sale, the director directly owned 983,820 shares in the company, valued at approximately $1,682,332.20. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.10% of the company’s stock.

Institutional Investors Weigh In On VNET Group

A number of institutional investors and hedge funds have recently modified their holdings of VNET. Parallel Advisors LLC raised its holdings in VNET Group by 26.8% during the first quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 1,160 shares during the last quarter. Liontrust Investment Partners LLP boosted its position in VNET Group by 40.1% during the first quarter. Liontrust Investment Partners LLP now owns 56,929 shares of the information technology services provider’s stock worth $478,000 after purchasing an additional 16,286 shares in the last quarter. Bank of America Corp DE grew its holdings in VNET Group by 15.4% in the first quarter. Bank of America Corp DE now owns 642,612 shares of the information technology services provider’s stock valued at $5,392,000 after purchasing an additional 85,780 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in VNET Group in the first quarter valued at $1,809,000. Finally, Amundi increased its position in shares of VNET Group by 30.1% in the first quarter. Amundi now owns 248,802 shares of the information technology services provider’s stock valued at $2,087,000 after buying an additional 57,616 shares in the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.

VNET Group Company Profile

VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.

The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.