VNET Group (NASDAQ:VNET) Shares Gap Up – Time to Buy?

VNET Group, Inc. (NASDAQ:VNET)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $7.22, but opened at $7.76. VNET Group shares last traded at $7.38, with a volume of 1,161,986 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on VNET. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. 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 note on Wednesday, October 9th. UBS Group raised their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. Finally, The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, VNET Group currently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Trading Up 12.9 %

The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. The firm’s fifty day moving average is $5.15 and its two-hundred day moving average is $3.76. The firm has a market capitalization of $2.19 billion, a PE ratio of -3.83, a PEG ratio of 0.61 and a beta of -0.18.

Hedge Funds Weigh In On VNET Group

A number of hedge funds and other institutional investors have recently modified their holdings of VNET. Catalina Capital Group LLC purchased a new stake in shares of VNET Group during the fourth quarter valued at approximately $54,000. Wolverine Trading LLC purchased a new stake in shares of VNET Group during the 3rd quarter valued at $46,000. Walleye Capital LLC bought a new stake in shares of VNET Group during the 3rd quarter worth $115,000. Asset Management One Co. Ltd. purchased a new position in shares of VNET Group in the 4th quarter worth about $152,000. Finally, Blue Trust Inc. grew its position in 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 valued at $172,000 after buying an additional 37,322 shares during the period. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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.