VNET Group (NASDAQ:VNET) Shares Gap Down – Here’s What Happened

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped down before the market opened on Tuesday . The stock had previously closed at $4.23, but opened at $4.00. VNET Group shares last traded at $4.06, with a volume of 382,636 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Citigroup began coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective for the company. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. UBS Group upped their price objective on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Finally, HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target for the company in a research report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Price Performance

The company has a 50-day moving average price of $3.74 and a two-hundred day moving average price of $2.82. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Wolverine Trading LLC purchased a new position in VNET Group in the 3rd quarter worth approximately $46,000. Ballentine Partners LLC purchased a new position in shares of VNET Group in the 2nd quarter worth about $36,000. Walleye Capital LLC bought a new position in shares of VNET Group during the 3rd quarter valued at about $115,000. AXA S.A. purchased a new position in shares of VNET Group during the 2nd quarter valued at about $65,000. Finally, Blue Trust Inc. boosted its stake in VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after buying an additional 37,322 shares in the last quarter. 72.83% of the stock is 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.