VNET Group (NASDAQ:VNET) Shares Gap Down to $2.24

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped down prior to trading on Thursday . The stock had previously closed at $2.24, but opened at $2.17. VNET Group shares last traded at $2.17, with a volume of 19,286 shares.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com raised shares of VNET Group from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Bank of America raised shares of VNET Group from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $3.90 to $2.70 in a report on Tuesday, March 19th.

VNET Group Price Performance

The stock’s 50-day moving average is $1.99 and its 200-day moving average is $1.99. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85.

VNET Group (NASDAQ:VNET) last announced its earnings results on Wednesday, May 29th. The information technology services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.13). The company had revenue of $262.89 million during the quarter, compared to the consensus estimate of $258.78 million. VNET Group had a negative net margin of 39.32% and a negative return on equity of 15.69%.

Hedge Funds Weigh In On VNET Group

A number of institutional investors and hedge funds have recently bought and sold shares of VNET. Catalina Capital Group LLC bought a new position in shares of VNET Group during the 1st quarter valued at about $26,000. Headlands Technologies LLC boosted its position in shares of VNET Group by 1,199.7% during the 1st quarter. Headlands Technologies LLC now owns 42,305 shares of the information technology services provider’s stock valued at $66,000 after purchasing an additional 39,050 shares in the last quarter. Jump Financial LLC boosted its position in shares of VNET Group by 101.6% during the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after purchasing an additional 42,537 shares in the last quarter. Virtu Financial LLC boosted its position in shares of VNET Group by 135.9% during the 4th quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock valued at $293,000 after purchasing an additional 58,817 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of VNET Group during the 1st quarter valued at about $328,000. Institutional investors own 72.83% of the company’s stock.

VNET Group Company Profile

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.