VNET Group (NASDAQ:VNET) Shares Gap Up – Should You Buy?

VNET Group, Inc. (NASDAQ:VNET)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $3.72, but opened at $4.02. VNET Group shares last traded at $4.20, with a volume of 1,607,830 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on VNET. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective on the stock in a research note on Wednesday, October 9th. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group boosted their price objective on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Finally, Citigroup initiated coverage on VNET Group in a research note on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price for the company. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, VNET Group has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Price Performance

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 company’s 50-day moving average price is $3.71 and its two-hundred day moving average price is $2.97. The company has a market cap of $1.09 billion, a P/E ratio of -1.91 and a beta of -0.19.

Hedge Funds Weigh In On VNET Group

Several large investors have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new stake in shares of VNET Group during the third quarter worth $519,000. Geode Capital Management LLC raised its stake in VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock worth $1,218,000 after acquiring an additional 210,124 shares during the period. Public Employees Retirement System of Ohio bought a new position in VNET Group in the third quarter worth about $191,000. Anson Funds Management LP boosted its stake in VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after acquiring an additional 206,580 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of VNET Group during the third quarter valued at approximately $343,000. 72.83% of the stock is currently owned by institutional investors.

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.