VNET Group (NASDAQ:VNET) Trading Up 4.1% – Here’s Why

Shares of VNET Group, Inc. (NASDAQ:VNET) shot up 4.1% during mid-day trading on Friday . The stock traded as high as $4.37 and last traded at $4.29. 849,795 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 1,631,005 shares. The stock had previously closed at $4.12.

Analyst Upgrades and Downgrades

VNET has been the subject of a number of research analyst reports. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $3.10 to $5.00 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 target price on the stock in a research note on Wednesday, October 9th. UBS Group raised 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. Citigroup started coverage on shares of VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price on the stock. Finally, Hsbc Global Res upgraded shares of VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. 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 MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Up 3.6 %

The firm has a market capitalization of $1.10 billion, a P/E ratio of -1.92 and a beta of -0.19. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a 50 day moving average of $3.73 and a 200-day moving average of $2.99.

Institutional Trading of VNET Group

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after buying an additional 136,783 shares in the last quarter. Virtu Financial LLC bought a new position in shares of VNET Group in the third quarter worth $519,000. Geode Capital Management LLC grew its position 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 valued at $1,218,000 after purchasing an additional 210,124 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of VNET Group during the 3rd quarter valued at $191,000. Finally, Anson Funds Management LP lifted its holdings in VNET Group by 84.9% during the 3rd quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock worth $1,836,000 after purchasing an additional 206,580 shares in the last quarter. Institutional investors own 72.83% of the company’s stock.

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.