VNET Group (NASDAQ:VNET) Sees Strong Trading Volume – Should You Buy?

VNET Group, Inc. (NASDAQ:VNET) saw an uptick in trading volume on Thursday . 1,590,958 shares changed hands during mid-day trading, a decline of 5% from the previous session’s volume of 1,677,746 shares.The stock last traded at $5.07 and had previously closed at $4.74.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VNET. The Goldman Sachs Group raised VNET Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $3.10 to $5.00 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 for the company in a research note on Wednesday, October 9th. UBS Group raised their price target on shares of VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Finally, Hsbc Global Res raised shares of VNET Group to a “strong-buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $4.78.

VNET Group Stock Down 2.2 %

The business’s 50-day moving average is $3.88 and its 200-day moving average is $3.08. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -2.23 and a beta of -0.24. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Inflows and Outflows

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 valued at $6,229,000 after purchasing an additional 1,400,683 shares in the last quarter. Inspire Investing LLC purchased a new position in VNET Group in the third quarter valued at $1,092,000. Geode Capital Management LLC raised its position in shares of VNET Group by 237.7% in the third 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. Anson Funds Management LP grew its position in shares of VNET Group by 84.9% during 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 acquiring an additional 206,580 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of VNET Group by 136,783.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after purchasing an additional 136,783 shares in the last quarter. 72.83% of the stock is owned by institutional investors and hedge funds.

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.