VNET Group (NASDAQ:VNET) Trading Up 7.3% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on VNET shares. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group raised shares of 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 research note 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. Finally, UBS Group increased their price objective on VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday, November 29th. 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. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Performance

The firm has a fifty day moving average price of $4.12 and a 200 day moving average price of $3.24. 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 firm has a market cap of $1.42 billion, a PE ratio of -2.48 and a beta of -0.24.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its position 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 in the last quarter. Inspire Investing LLC purchased a new stake in VNET Group during the 3rd quarter worth about $1,092,000. Geode Capital Management LLC raised its position 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 valued at $1,218,000 after purchasing an additional 210,124 shares in the last quarter. Anson Funds Management LP boosted its stake in shares of VNET Group by 84.9% in the 3rd 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. Finally, JPMorgan Chase & Co. grew its position in shares of VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock worth $558,000 after buying an additional 136,783 shares in the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.