VNET Group (NASDAQ:VNET) Sees Strong Trading Volume – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) shares saw unusually-strong trading volume on Monday . Approximately 3,010,971 shares were traded during mid-day trading, a decline of 42% from the previous session’s volume of 5,192,339 shares.The stock last traded at $9.67 and had previously closed at $9.00.

Wall Street Analyst Weigh In

Several research analysts recently commented on VNET shares. UBS Group boosted their price target on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $3.10 to $5.00 in a research note on Friday, November 29th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Performance

The company has a 50 day simple moving average of $5.59 and a 200-day simple moving average of $3.98. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

Hedge Funds Weigh In On VNET Group

Several institutional investors have recently made changes to their positions in the stock. Catalina Capital Group LLC bought a new position in shares of VNET Group during the fourth quarter valued at approximately $54,000. Wolverine Trading LLC bought a new position in VNET Group in the 3rd quarter worth approximately $46,000. Blue Trust Inc. grew its holdings in VNET Group by 29.1% in the 4th quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider’s stock worth $257,000 after buying an additional 12,237 shares in the last quarter. Walleye Capital LLC bought a new position in VNET Group in the 3rd quarter worth approximately $115,000. Finally, Asset Management One Co. Ltd. bought a new position in VNET Group in the 4th quarter worth approximately $152,000. 72.83% of the stock is owned by institutional investors.

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.