VNET Group (NASDAQ:VNET) Reaches New 52-Week Low – Here’s Why

VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $5.91 and last traded at $6.0120, with a volume of 61351 shares trading hands. The stock had previously closed at $5.96.

Analyst Ratings Changes

VNET has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of VNET Group in a research report on Tuesday, July 7th. They issued a “buy” rating and a $12.50 target price for the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $24.79 price target on shares of VNET Group in a research note on Tuesday, May 26th. Bank of America set a $16.30 price objective on shares of VNET Group and gave the company a “buy” rating in a report on Tuesday, May 26th. Morgan Stanley reiterated an “overweight” rating and set a $14.00 price objective on shares of VNET Group in a research note on Wednesday, August 19th. Finally, Zacks Research raised VNET Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 27th. Four equities 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.90.

VNET Group Trading Up 1.4%

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 4.35. The stock has a market capitalization of $1.64 billion, a P/E ratio of -4.25 and a beta of 0.27. The firm’s 50-day simple moving average is $7.05 and its 200 day simple moving average is $8.43.

VNET Group (NASDAQ:VNET) last announced its quarterly earnings data on Wednesday, August 19th. The information technology services provider reported ($0.06) earnings per share (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 business had revenue of $409.00 million during the quarter, compared to analyst estimates of $401.77 million. Equities research analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On VNET Group

Large investors have recently modified their holdings of the stock. Leonteq Securities AG purchased a new stake in shares of VNET Group during the first quarter valued at $25,000. Parallel Advisors LLC raised its holdings in VNET Group by 26.8% during the 1st quarter. Parallel Advisors LLC now owns 5,495 shares of the information technology services provider’s stock worth $46,000 after buying an additional 1,160 shares during the period. Nykredit A S acquired a new stake in VNET Group during the 2nd quarter worth about $89,000. Lido Advisors LLC purchased a new stake in VNET Group during the first quarter valued at about $126,000. Finally, Blue Trust Inc. boosted its holdings in shares of VNET Group by 38.4% in the first quarter. Blue Trust Inc. now owns 17,791 shares of the information technology services provider’s stock worth $149,000 after buying an additional 4,932 shares during the period. 72.83% of the stock is owned by institutional investors.

VNET Group Company Profile

VNET Group, Inc (NASDAQ:VNET), formerly known as 21Vianet Group, is a China-based provider of data center and information technology infrastructure services. The company operates carrier-neutral data centers that support enterprise customers, cloud service providers, internet companies, financial institutions and other organizations requiring secure, reliable computing and network capacity.

Its services include data center hosting and colocation, managed network services, cloud computing infrastructure, internet connectivity, content delivery and related information technology solutions.