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

Shares of VNET Group, Inc. (NASDAQ:VNET) gapped up prior to trading on Thursday . The stock had previously closed at $3.72, but opened at $4.02. VNET Group shares last traded at $4.20, with a volume of 1,607,830 shares.

Wall Street Analyst Weigh In

VNET has been the subject of several recent analyst reports. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. UBS Group lifted 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, November 29th. Citigroup assumed coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price for the company. Finally, HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, VNET Group has an average rating of “Buy” and an average price target of $4.78.

VNET Group Price Performance

The firm has a market capitalization of $1.09 billion, a P/E ratio of -1.91 and a beta of -0.19. The business’s fifty day moving average is $3.71 and its 200 day moving average is $2.97. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Investors Weigh In On VNET Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Wolverine Trading LLC purchased a new position in shares of VNET Group in the third quarter worth approximately $46,000. Ballentine Partners LLC acquired a new position in VNET Group in the 2nd quarter worth approximately $36,000. Walleye Capital LLC purchased a new position in VNET Group during the 3rd quarter worth approximately $115,000. AXA S.A. acquired a new stake in VNET Group during the 2nd quarter valued at $65,000. Finally, Blue Trust Inc. lifted its holdings in shares of VNET Group by 785.4% in the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock valued at $172,000 after purchasing an additional 37,322 shares in the last quarter. Institutional investors and hedge funds 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.