VNET Group (NASDAQ:VNET) Shares Gap Up – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET) gapped up before the market opened on Thursday . The stock had previously closed at $13.04, but opened at $15.06. VNET Group shares last traded at $15.00, with a volume of 10,466,686 shares.

Analyst Upgrades and Downgrades

VNET has been the topic of several analyst reports. UBS Group raised their target price on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. The Goldman Sachs Group raised 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. 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $4.78.

VNET Group Trading Down 0.6 %

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 business has a 50 day simple moving average of $6.95 and a 200-day simple moving average of $4.54. The stock has a market capitalization of $3.76 billion, a P/E ratio of -6.57, a price-to-earnings-growth ratio of 1.01 and a beta of -0.18.

Institutional Investors Weigh In On VNET Group

A number of large investors have recently made changes to their positions in VNET. Creative Planning raised its position in VNET Group by 124.1% during the third quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock valued at $478,000 after buying an additional 64,866 shares during the period. Blue Trust Inc. grew its stake in VNET Group by 785.4% during the 3rd 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. WT Asset Management Ltd acquired a new position in shares of VNET Group in the 3rd quarter valued at about $326,000. GSA Capital Partners LLP lifted its position in shares of VNET Group by 24.8% in 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 purchasing an additional 73,311 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of VNET Group during the third quarter worth approximately $199,000. 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.