VNET Group, Inc. (NASDAQ:VNET) Receives $4.78 Average Target Price from Brokerages

Shares of VNET Group, Inc. (NASDAQ:VNET) have been assigned a consensus rating of “Buy” from the six analysts that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $4.78.

Several brokerages recently weighed in on VNET. UBS Group boosted their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. HSBC upgraded shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 target price on the stock in a research report on Wednesday, October 9th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. Citigroup assumed coverage on VNET Group in a research report on Wednesday, September 4th. They set a “buy” rating and a $4.00 price objective on the stock. Finally, Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th.

Institutional Investors Weigh In On VNET Group

Institutional investors and hedge funds have recently modified their holdings of the business. Ballentine Partners LLC purchased a new stake in VNET Group in the second quarter worth $36,000. AXA S.A. purchased a new stake in VNET Group in the 2nd quarter valued at about $65,000. Millennium Management LLC grew its stake in VNET Group by 89.1% in the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider’s stock worth $6,229,000 after acquiring an additional 1,400,683 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of VNET Group during the third quarter worth approximately $262,000. Finally, Inspire Investing LLC purchased a new position in shares of VNET Group during the third quarter worth approximately $1,092,000. 72.83% of the stock is owned by institutional investors.

VNET Group Stock Performance

NASDAQ VNET opened at $5.02 on Tuesday. The stock has a market capitalization of $1.29 billion, a PE ratio of -2.26 and a beta of -0.19. VNET Group has a 1-year low of $1.39 and a 1-year high of $5.08. The business has a 50 day simple moving average of $3.76 and a two-hundred day simple moving average of $3.02. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

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.