VNET Group, Inc. (NASDAQ:VNET) Receives $4.78 Average Target Price from Brokerages

Shares of VNET Group, Inc. (NASDAQ:VNET) have been assigned an average rating of “Buy” from the six research firms that are currently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $4.78.

Several equities research analysts have recently commented on VNET shares. Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. UBS Group increased their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research note on Wednesday, October 9th. Citigroup initiated coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 target price on the stock. Finally, The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $3.10 to $5.00 in a research report on Friday, November 29th.

VNET Group Stock Performance

VNET stock opened at $5.02 on Tuesday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. VNET Group has a 1 year low of $1.39 and a 1 year high of $5.08. The company has a market cap of $1.29 billion, a P/E ratio of -2.26 and a beta of -0.19. The stock’s fifty day moving average price is $3.76 and its 200-day moving average price is $3.02.

Hedge Funds Weigh In On VNET Group

Several large investors have recently made changes to their positions in the business. Wolverine Trading LLC bought a new stake in VNET Group during the 3rd quarter valued at approximately $46,000. Ballentine Partners LLC bought a new stake in shares of VNET Group during the second quarter valued at approximately $36,000. Walleye Capital LLC purchased a new position in shares of VNET Group in the third quarter worth $115,000. AXA S.A. bought a new position in shares of VNET Group during the second quarter worth $65,000. Finally, Blue Trust Inc. grew its stake in VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after acquiring an additional 37,322 shares in the last quarter. 72.83% of the stock is currently owned by hedge funds and other 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.