VNET Group (NASDAQ:VNET) Shares Up 7.3% – Here’s Why

Shares of VNET Group, Inc. (NASDAQ:VNET) were up 7.3% during trading on Tuesday . The company traded as high as $5.48 and last traded at $5.45. Approximately 518,647 shares changed hands during trading, a decline of 88% from the average daily volume of 4,227,709 shares. The stock had previously closed at $5.08.

Analyst Upgrades and Downgrades

VNET has been the topic of a number of recent analyst reports. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. UBS Group raised their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective for the company in a research report on Wednesday, October 9th. Finally, Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, VNET Group presently has an average rating of “Buy” and an average price target of $4.78.

VNET Group Stock Up 8.3 %

The stock has a market capitalization of $1.42 billion, a PE ratio of -2.48 and a beta of -0.24. 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 is $4.12 and its 200 day moving average is $3.24.

Institutional Investors Weigh In On VNET Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in VNET Group by 237.7% in the 3rd 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 last quarter. Inspire Investing LLC acquired a new position in shares of VNET Group in the third quarter valued at about $1,092,000. Virtu Financial LLC purchased a new position in shares of VNET Group in the third quarter worth about $519,000. Millennium Management LLC lifted its holdings in shares of 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 purchasing an additional 1,400,683 shares during the period. Finally, Blue Trust Inc. boosted its position in VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after buying an additional 37,322 shares during the last quarter. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.