VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET – Get Free Report)’s stock price reached a new 52-week low on Monday . The company traded as low as $6.13 and last traded at $6.1450, with a volume of 1368984 shares. The stock had previously closed at $6.55.
Analysts Set New Price Targets
VNET has been the topic of several recent analyst reports. 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. Zacks Research upgraded shares of VNET Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of VNET Group in a report on Wednesday, July 15th. Jefferies Financial Group reiterated a “buy” rating and set a $24.79 price objective on shares of VNET Group in a research note on Tuesday, May 26th. Finally, Morgan Stanley reissued an “overweight” rating and set a $14.00 target price on shares of VNET Group in a report on Wednesday, August 19th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.90.
Check Out Our Latest Report on VNET Group
VNET Group Stock Down 6.6%
VNET Group (NASDAQ:VNET – Get Free Report) last released its quarterly earnings data on Tuesday, August 18th. The information technology services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). VNET Group had a negative net margin of 22.29% and a negative return on equity of 36.25%. The business had revenue of $409.00 million during the quarter, compared to analyst estimates of $401.77 million. Equities analysts anticipate that VNET Group, Inc. – Unsponsored ADR will post -0.27 EPS for the current year.
Institutional Trading of VNET Group
Several large investors have recently added to or reduced their stakes in VNET. Triata Capital Ltd increased its stake in shares of VNET Group by 4.6% in the 4th quarter. Triata Capital Ltd now owns 12,498,810 shares of the information technology services provider’s stock worth $105,740,000 after acquiring an additional 550,841 shares during the last quarter. Norges Bank purchased a new position in shares of VNET Group during the 4th quarter worth $65,650,000. Farallon Capital Management LLC boosted its position in shares of VNET Group by 14.5% during the 4th quarter. Farallon Capital Management LLC now owns 6,285,386 shares of the information technology services provider’s stock valued at $53,174,000 after acquiring an additional 796,266 shares during the last quarter. UBS Group AG boosted its position in shares of VNET Group by 73.2% during the 3rd quarter. UBS Group AG now owns 4,283,660 shares of the information technology services provider’s stock valued at $44,250,000 after acquiring an additional 1,809,987 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of VNET Group by 674.8% in the second quarter. BNP Paribas Financial Markets now owns 3,343,088 shares of the information technology services provider’s stock valued at $23,067,000 after purchasing an additional 2,911,604 shares during the period. 72.83% of the stock is currently owned by hedge funds and other institutional investors.
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.
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