The Goldman Sachs Group Upgrades VNET Group (NASDAQ:VNET) to Buy

The Goldman Sachs Group upgraded shares of VNET Group (NASDAQ:VNET) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports. They currently have $5.00 price target on the information technology services provider’s stock, up from their prior price target of $3.10.

A number of other equities analysts have also recently commented on VNET. StockNews.com raised VNET Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price for the company in a research note on Wednesday, October 9th. Citigroup initiated coverage on shares of VNET Group in a report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price target on the stock. UBS Group increased their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday. Finally, Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. One 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Up 0.5 %

Shares of VNET opened at $3.88 on Friday. The firm has a 50 day simple moving average of $3.69 and a two-hundred day simple moving average of $2.73. 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 one year low of $1.39 and a one year high of $4.50. The company has a market cap of $998.71 million, a P/E ratio of -1.75 and a beta of -0.27.

Hedge Funds Weigh In On VNET Group

Hedge funds have recently modified their holdings of the business. Millennium Management LLC raised its position in VNET Group by 89.1% during the 2nd 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 last quarter. Anson Funds Management LP increased its stake in shares of 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 buying an additional 206,580 shares during the period. GSA Capital Partners LLP raised its position in shares of VNET Group by 24.8% during the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock worth $1,506,000 after acquiring an additional 73,311 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of VNET Group by 237.7% in 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. Finally, Inspire Investing LLC acquired a new position in shares of VNET Group in the third quarter worth approximately $1,092,000. Institutional investors and hedge funds own 72.83% of the company’s stock.

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.