VNET Group (NASDAQ:VNET) Shares Up 9.9% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s stock price shot up 9.9% during trading on Wednesday . The stock traded as high as $8.10 and last traded at $8.28. 3,568,977 shares were traded during mid-day trading, a decline of 27% from the average session volume of 4,877,125 shares. The stock had previously closed at $7.54.

Analyst Ratings Changes

VNET has been the topic of several analyst reports. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group lifted their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Up 0.7 %

The firm has a 50-day moving average price of $5.25 and a two-hundred day moving average price of $3.79. 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 firm has a market cap of $2.32 billion, a price-to-earnings ratio of -4.05, a price-to-earnings-growth ratio of 0.61 and a beta of -0.18.

Institutional Trading of VNET Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Catalina Capital Group LLC purchased a new stake in shares of VNET Group in the fourth quarter valued at about $54,000. Wolverine Trading LLC purchased a new position in shares of VNET Group in the 3rd quarter valued at approximately $46,000. Walleye Capital LLC acquired a new position in shares of VNET Group in the third quarter valued at approximately $115,000. Asset Management One Co. Ltd. acquired a new position in shares of VNET Group in the fourth quarter valued at approximately $152,000. Finally, Blue Trust Inc. lifted 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 purchasing an additional 37,322 shares during the period. Institutional investors and hedge funds own 72.83% of the company’s stock.

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.