VNET Group (NASDAQ:VNET) Shares Up 7.2% – Here’s Why

VNET Group, Inc. (NASDAQ:VNET) traded up 7.2% on Friday . The stock traded as high as $16.09 and last traded at $15.74. 4,683,213 shares traded hands during trading, a decline of 41% from the average session volume of 7,980,224 shares. The stock had previously closed at $14.68.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group upped their target price on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued 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 Down 0.6 %

The company has a market capitalization of $3.76 billion, a P/E ratio of -6.57, a PEG ratio of 1.01 and a beta of -0.18. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a 50 day moving average price of $6.95 and a 200 day moving average price of $4.56.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of VNET. Barclays PLC lifted its stake in shares of VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 4,939 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of VNET Group in the 4th quarter valued at $41,000. Wolverine Trading LLC bought a new position in shares of VNET Group in the 3rd quarter valued at $46,000. Catalina Capital Group LLC bought a new position in VNET Group during the 4th quarter worth $54,000. Finally, Hsbc Holdings PLC bought a new position in VNET Group during the 4th quarter worth $66,000. 72.83% of the stock is currently 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.