VNET Group (NASDAQ:VNET) Sees Large Volume Increase – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET) saw unusually-high trading volume on Tuesday . Approximately 5,280,772 shares traded hands during mid-day trading, a decline of 18% from the previous session’s volume of 6,457,287 shares.The stock last traded at $12.44 and had previously closed at $11.54.

Wall Street Analyst Weigh In

VNET has been the topic of several analyst reports. UBS Group lifted their target price on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a report on Friday, November 29th. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $3.10 to $5.00 in a report on Friday, November 29th. One 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. According to data from MarketBeat, VNET Group presently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Performance

The stock’s 50-day moving average price is $6.53 and its 200-day moving average price is $4.38. 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 company has a market capitalization of $3.78 billion, a price-to-earnings ratio of -6.61, a P/E/G ratio of 1.05 and a beta of -0.18.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of VNET. Creative Planning raised its position in shares of VNET Group by 124.1% during the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after purchasing an additional 64,866 shares during the last quarter. Blue Trust Inc. raised its position in shares of VNET Group by 785.4% during the 3rd 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 last quarter. WT Asset Management Ltd acquired a new position in shares of VNET Group during the 3rd quarter worth approximately $326,000. GSA Capital Partners LLP raised its position in shares of VNET Group by 24.8% during the 3rd 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 during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of VNET Group during the 3rd quarter worth approximately $199,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.