Pulse of the Market: Wednesday’s 10 Worst Performers

3. VNET Group Inc. (NASDAQ:VNET)

VNET Group saw its share prices decline by 9.96 percent on Wednesday to end at $9.85 apiece as investors sold off positions amid the lack of catalysts to spark buying appetite.

The drop came despite the company’s upgraded rating and price target from an investment firm.

On Monday, Bank of America raised its price target for VNET to $17.30 from $14.50 previously, representing a 75.6-percent upside from its closing price on Wednesday. It also maintained a “buy” rating on the company.

The more optimistic outlook was based on the company’s much higher guidance on capacity delivery targets, now between 400 to 450 MW as compared with the 153MW actual delivery in 2024.

In its latest earnings release, VNET said it narrowed its fourth-quarter net loss attributable to the company by 99 percent to RMB11.1 million from RMB2.4 billion in the same period a year earlier, as net revenues increased by RMB2.246 billion from RMB1.898 billion.

Meanwhile, it swung to a net income of RMB183 million in full-year 2024 from a RMB2.6 billion net loss a year earlier, as revenues grew by 42 percent to RMB1.832 billion from RMB1.292 billion.