VNET Group (NASDAQ:VNET) Trading Up 7.7% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s share price was up 7.7% on Tuesday . The stock traded as high as $5.58 and last traded at $5.58. Approximately 854,078 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 3,133,034 shares. The stock had previously closed at $5.18.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on VNET shares. UBS Group lifted their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a report on Wednesday, October 9th. Finally, The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. One investment 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’s stock. According to data from MarketBeat, VNET Group presently has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Price Performance

The stock has a 50 day moving average of $4.00 and a two-hundred day moving average of $3.16. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $1.48 billion, a PE ratio of -2.59 and a beta of -0.24.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC lifted its stake in VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after acquiring an additional 1,400,683 shares in the last quarter. Anson Funds Management LP increased its holdings in shares of VNET Group by 84.9% in the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after purchasing an additional 206,580 shares during the period. GSA Capital Partners LLP lifted its position in shares of VNET Group by 24.8% in the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock worth $1,506,000 after purchasing an additional 73,311 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after purchasing an additional 210,124 shares during the period. Finally, Inspire Investing LLC acquired a new stake in shares of VNET Group during the third quarter worth approximately $1,092,000. 72.83% of the stock is owned by hedge funds and other 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.