VNET Group (NASDAQ:VNET) Trading Up 11.1% – What’s Next?

VNET Group, Inc. (NASDAQ:VNET) shares traded up 11.1% during trading on Wednesday . The stock traded as high as $7.76 and last traded at $7.98. Approximately 1,286,137 shares changed hands during trading, a decline of 71% from the average session volume of 4,390,955 shares. The stock had previously closed at $7.18.

Analysts Set New Price Targets

Several research firms recently issued reports on VNET. 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. Hsbc Global Res raised VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. Finally, HSBC upgraded VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a report on Wednesday, October 9th. One research 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 MarketBeat, VNET Group presently has a consensus rating of “Buy” and an average price target of $4.78.

VNET Group Stock Up 5.4 %

The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -3.39, a PEG ratio of 0.55 and a beta of -0.24. The firm has a 50-day moving average of $4.71 and a two-hundred day moving average of $3.54. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46.

Hedge Funds Weigh In On VNET Group

Several large investors have recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of VNET Group by 89.1% during 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 purchasing an additional 1,400,683 shares during the period. SG Americas Securities LLC increased its stake in VNET Group by 534.6% during the fourth quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock valued at $1,931,000 after acquiring an additional 343,140 shares during the period. Inspire Investing LLC acquired a new position in VNET Group in the 3rd quarter valued at approximately $1,092,000. Geode Capital Management LLC lifted its position in shares of 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 worth $1,218,000 after acquiring an additional 210,124 shares during the period. Finally, Anson Funds Management LP lifted its position 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 worth $1,836,000 after acquiring an additional 206,580 shares during the period. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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.