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

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped up before the market opened on Thursday . The stock had previously closed at $3.58, but opened at $3.74. VNET Group shares last traded at $3.71, with a volume of 151,446 shares.

Wall Street Analyst Weigh In

Several research firms have weighed in on VNET. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. Citigroup assumed coverage on shares of VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 price objective on the stock. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group increased their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. Finally, 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 note on Wednesday, October 9th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, VNET Group has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Price Performance

The company has a market capitalization of $916.34 million, a price-to-earnings ratio of -1.60 and a beta of -0.19. 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 simple moving average is $3.71 and its 200-day simple moving average is $2.92.

Institutional Trading of VNET Group

Hedge funds have recently bought and sold shares of the company. Wolverine Trading LLC purchased a new position in shares of VNET Group during the 3rd quarter worth $46,000. Ballentine Partners LLC acquired a new position in VNET Group in the second quarter valued at $36,000. Walleye Capital LLC purchased a new position in VNET Group during the third quarter worth about $115,000. AXA S.A. purchased a new position in VNET Group during the second quarter worth about $65,000. Finally, Blue Trust Inc. boosted its stake in VNET Group by 785.4% in the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after buying an additional 37,322 shares during the last quarter. 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.