VNET Group (NASDAQ:VNET) Stock Price Up 5.3% – Still a Buy?

VNET Group, Inc. (NASDAQ:VNET) shares shot up 5.3% during mid-day trading on Thursday . The stock traded as high as $6.67 and last traded at $6.70. 1,505,832 shares were traded during mid-day trading, a decline of 62% from the average session volume of 3,987,840 shares. The stock had previously closed at $6.36.

Wall Street Analysts Forecast Growth

VNET has been the subject of several recent research reports. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. UBS Group increased their price objective on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. Finally, HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a report on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Stock Performance

The firm’s 50 day simple moving average is $4.43 and its 200-day simple moving average is $3.40. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -3.05, a P/E/G ratio of 0.59 and a beta of -0.24. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of VNET. Wolverine Trading LLC purchased a new stake in VNET Group in the 3rd quarter worth approximately $46,000. AXA S.A. purchased a new position in shares of VNET Group during the 2nd quarter valued at $65,000. Walleye Capital LLC purchased a new position in shares of VNET Group during the 3rd quarter valued at $115,000. Blue Trust Inc. raised its holdings in shares of VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 37,322 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of VNET Group during the third quarter worth $191,000. 72.83% of the stock is 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.