VNET Group (NASDAQ:VNET) Stock Price Down 2%

VNET Group, Inc. (NASDAQ:VNET)’s share price traded down 2% during mid-day trading on Wednesday . The stock traded as low as $2.91 and last traded at $2.94. 45,563 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,438,014 shares. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VNET. Citigroup initiated coverage on shares of VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target for the company. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st.

VNET Group Price Performance

The business’s fifty day simple moving average is $2.22 and its 200 day simple moving average is $2.01. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.47.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its stake 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 in the last quarter. Maso Capital Partners Ltd grew its holdings in VNET Group by 15.6% during the first quarter. Maso Capital Partners Ltd now owns 1,853,771 shares of the information technology services provider’s stock worth $2,873,000 after acquiring an additional 250,000 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in VNET Group in the first quarter worth about $328,000. Virtu Financial LLC raised its position in VNET Group by 135.9% in the fourth quarter. Virtu Financial LLC now owns 102,088 shares of the information technology services provider’s stock worth $293,000 after acquiring an additional 58,817 shares in the last quarter. Finally, Jump Financial LLC lifted its holdings in VNET Group by 101.6% in the 4th quarter. Jump Financial LLC now owns 84,406 shares of the information technology services provider’s stock valued at $242,000 after acquiring an additional 42,537 shares during the last quarter. 72.83% of the stock is currently owned by institutional investors.

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.