VNET Group (NASDAQ:VNET) Trading Down 3.5% – Should You Sell?

VNET Group, Inc. (NASDAQ:VNET) shares dropped 3.5% on Wednesday . The stock traded as low as $4.12 and last traded at $4.15. Approximately 173,096 shares traded hands during trading, a decline of 89% from the average daily volume of 1,570,428 shares. The stock had previously closed at $4.30.

Analyst Ratings Changes

A number of equities research analysts have commented on VNET shares. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. StockNews.com upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research note on Wednesday, October 9th. UBS Group lifted their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. Finally, Citigroup began coverage on shares of VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Stock Performance

The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $1.03 billion, a P/E ratio of -1.77 and a beta of -0.19. The business’s fifty day simple moving average is $3.71 and its 200-day simple moving average is $2.76.

Institutional Trading of VNET Group

A number of large investors have recently made changes to their positions in VNET. Ballentine Partners LLC bought a new stake in shares of VNET Group in the 2nd quarter worth about $36,000. AXA S.A. bought a new position in VNET Group during the 2nd quarter valued at about $65,000. Millennium Management LLC grew its holdings in VNET Group by 89.1% during the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock valued at $6,229,000 after purchasing an additional 1,400,683 shares during the last quarter. SG Americas Securities LLC bought a new position in VNET Group during the 3rd quarter valued at about $262,000. Finally, Inspire Investing LLC bought a new position in VNET Group during the 3rd quarter valued at about $1,092,000. 72.83% of the stock is currently owned by institutional investors.

About VNET Group

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.