VNET Group (NASDAQ:VNET) Coverage Initiated by Analysts at Citigroup

Citigroup started coverage on shares of VNET Group (NASDAQ:VNET) in a research note published on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $4.00 price objective on the information technology services provider’s stock.

Separately, StockNews.com upgraded shares of VNET Group from a sell rating to a hold rating in a research note on Wednesday, August 21st.

VNET Group Price Performance

VNET Group stock opened at $2.79 on Wednesday. The stock has a market cap of $718.14 million, a P/E ratio of -1.06, a price-to-earnings-growth ratio of 9.97 and a beta of -0.32. The company has a fifty day simple moving average of $2.13 and a 200-day simple moving average of $1.95. VNET Group has a 12-month low of $1.39 and a 12-month high of $3.87. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 1.47.

Institutional Investors Weigh In On VNET Group

Several hedge funds and other institutional investors have recently bought and sold shares of VNET. Catalina Capital Group LLC acquired a new stake in VNET Group during the 1st quarter worth $26,000. Ballentine Partners LLC acquired a new position in VNET Group in the second quarter valued at $36,000. AXA S.A. acquired a new position in VNET Group in the second quarter valued at $65,000. Headlands Technologies LLC increased its stake in VNET Group by 1,199.7% in the first 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 during the period. Finally, Jump Financial LLC increased its stake in VNET Group by 101.6% in the fourth 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 during the period. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.