VNET Group (NASDAQ:VNET) Hits New 12-Month Low – What’s Next?

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) hit a new 52-week low during trading on Wednesday. The stock traded as low as $3.57 and last traded at $3.5450, with a volume of 1,013,480 shares. The stock had previously closed at $3.77.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on VNET shares. Morgan Stanley restated an “overweight” rating and set a $14.00 price objective on shares of VNET Group in a research report on Wednesday, August 19th. Weiss Ratings lowered shares of VNET Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of VNET Group in a research note on Tuesday, July 7th. They set a “buy” rating and a $12.50 target price for the company. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.90.

VNET Group Stock Down 4.6%

The stock has a market capitalization of $972.41 million, a price-to-earnings ratio of -2.54 and a beta of 0.23. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.97 and a quick ratio of 0.97. The business has a fifty day moving average of $5.76 and a 200 day moving average of $8.46.

VNET Group (NASDAQ:VNET) last released its quarterly earnings results on Wednesday, August 19th. The information technology services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.04). VNET Group had a negative return on equity of 36.25% and a negative net margin of 22.29%. The firm had revenue of $409.00 million for the quarter, compared to analysts’ expectations of $401.77 million. As a group, equities analysts predict that VNET Group, Inc. – Unsponsored ADR will post -0.48 earnings per share for the current year.

Institutional Investors Weigh In On VNET Group

Hedge funds have recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. grew its stake in shares of VNET Group by 26.7% in the third quarter. Asset Management One Co. Ltd. now owns 36,829 shares of the information technology services provider’s stock worth $204,000 after acquiring an additional 7,752 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in VNET Group in the third quarter valued at $62,000. Fifth Third Wealth Advisors LLC acquired a new position in VNET Group during the 3rd quarter worth $147,000. SBI Securities Co. Ltd. grew its stake in VNET Group by 24.9% during the 3rd quarter. SBI Securities Co. Ltd. now owns 25,723 shares of the information technology services provider’s stock worth $143,000 after purchasing an additional 5,128 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in VNET Group by 255.2% during the 2nd quarter. Tidal Investments LLC now owns 332,025 shares of the information technology services provider’s stock worth $2,669,000 after purchasing an additional 238,541 shares during the period. 72.83% of the stock is currently owned by institutional investors and hedge funds.

About VNET Group

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a provider of data center and information technology infrastructure services in China. Founded in 1999, the company operates carrier-neutral data centers that allow customers to house servers and other equipment while connecting to multiple telecommunications and internet networks.

VNET’s services include data center hosting, cloud computing, managed network services, internet connectivity, content delivery and hybrid cloud solutions.