VNET Group (NASDAQ:VNET) Rating Lowered to “Strong Sell” at Zacks Research

VNET Group (NASDAQ:VNET) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of VNET Group in a research note on Friday, March 27th. Jefferies Financial Group reiterated a “buy” rating and issued a $23.55 price target on shares of VNET Group in a report on Monday, March 16th. Wall Street Zen upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Bank of America reiterated a “buy” rating on shares of VNET Group in a report on Monday, March 16th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, VNET Group presently has an average rating of “Hold” and a consensus target price of $18.08.

VNET Group Stock Down 4.1%

Shares of NASDAQ:VNET opened at $10.09 on Monday. VNET Group has a 52 week low of $5.14 and a 52 week high of $14.48. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $2.73 billion, a PE ratio of -34.79 and a beta of 0.19. The company has a 50 day moving average price of $9.12 and a two-hundred day moving average price of $9.72.

VNET Group (NASDAQ:VNET) last issued its earnings results on Monday, March 16th. The information technology services provider reported $0.00 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.04). VNET Group had a negative net margin of 2.48% and a positive return on equity of 1.36%. The firm had revenue of $384.07 million during the quarter, compared to the consensus estimate of $368.64 million. Analysts forecast that VNET Group will post 0.21 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David Lifeng Chen sold 83,544 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $1.51, for a total transaction of $126,151.44. Following the completion of the transaction, the director owned 334,164 shares in the company, valued at approximately $504,587.64. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 12.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Sei Investments Co. boosted its holdings in VNET Group by 3.0% during the first quarter. Sei Investments Co. now owns 37,602 shares of the information technology services provider’s stock worth $316,000 after purchasing an additional 1,098 shares during the last quarter. Parallel Advisors LLC boosted 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. Orion Porfolio Solutions LLC boosted its holdings in VNET Group by 6.1% during the third quarter. Orion Porfolio Solutions LLC now owns 21,491 shares of the information technology services provider’s stock worth $222,000 after purchasing an additional 1,237 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in VNET Group by 52.2% during the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 1,426 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in VNET Group by 14.5% during the third quarter. Raymond James Financial Inc. now owns 11,446 shares of the information technology services provider’s stock worth $118,000 after purchasing an additional 1,446 shares during the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.

About VNET Group

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.