VNET Group (NASDAQ:VNET) Shares Gap Up – Still a Buy?

VNET Group, Inc. (NASDAQ:VNET) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.58, but opened at $3.74. VNET Group shares last traded at $3.71, with a volume of 151,446 shares traded.

Analysts Set New Price Targets

VNET has been the subject of several research analyst reports. The Goldman Sachs Group raised 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 report on Friday, November 29th. Citigroup initiated coverage on shares of VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. UBS Group upped 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. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a report on Wednesday, October 9th. Finally, Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Down 1.7 %

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $916.34 million, a PE ratio of -1.60 and a beta of -0.19. The firm’s fifty day moving average is $3.71 and its 200-day moving average is $2.92.

Institutional Trading of VNET Group

Several hedge funds have recently modified their holdings of the business. Ballentine Partners LLC acquired a new stake in VNET Group in the second quarter valued at $36,000. AXA S.A. acquired a new stake in shares of VNET Group in the second quarter valued at about $65,000. Millennium Management LLC boosted its holdings in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after buying an additional 1,400,683 shares in the last quarter. SG Americas Securities LLC acquired a new position in VNET Group during the third quarter worth about $262,000. Finally, Inspire Investing LLC purchased a new position in VNET Group in the third quarter valued at about $1,092,000. 72.83% of the stock is 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.