VNET Group (NASDAQ:VNET) Stock Price Up 7.2% – Here’s What Happened

VNET Group, Inc. (NASDAQ:VNET)’s share price shot up 7.2% during mid-day trading on Friday . The stock traded as high as $16.09 and last traded at $15.74. 4,683,213 shares changed hands during trading, a decline of 41% from the average session volume of 7,980,224 shares. The stock had previously closed at $14.68.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. UBS Group increased their price objective on VNET Group from $6.40 to $7.00 and gave the stock a “buy” rating in a research report on Friday, November 29th. The Goldman Sachs Group upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $3.10 to $5.00 in a research report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $4.78.

VNET Group Trading Up 1.3 %

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 business has a 50 day moving average of $6.74 and a 200-day moving average of $4.46. The stock has a market cap of $3.83 billion, a PE ratio of -6.68, a price-to-earnings-growth ratio of 0.90 and a beta of -0.18.

Institutional Investors Weigh In On VNET Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning grew its stake in VNET Group by 124.1% in the 3rd quarter. Creative Planning now owns 117,139 shares of the information technology services provider’s stock worth $478,000 after acquiring an additional 64,866 shares during the period. Blue Trust Inc. boosted its holdings in shares of VNET Group by 785.4% during the third quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after purchasing an additional 37,322 shares during the last quarter. WT Asset Management Ltd purchased a new stake in shares of VNET Group in the third quarter valued at $326,000. GSA Capital Partners LLP increased its stake in VNET Group by 24.8% in the third quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider’s stock valued at $1,506,000 after purchasing an additional 73,311 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in VNET Group during the third quarter worth about $199,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

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.