VNET Group, Inc. (NASDAQ:VNET) Given Consensus Recommendation of "Buy" by Brokerages

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) has been assigned a consensus rating of "Buy" from the seven brokerages that are covering the company, MarketBeat reports. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $4.78.

Several research firms have weighed in on VNET. The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group lifted their price objective 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. Finally, Nomura Securities upgraded shares of VNET Group to a "strong-buy" rating in a research report on Friday, February 21st.

VNET Group Price Performance

Shares of NASDAQ VNET traded down $0.60 during trading on Friday, hitting $11.47. The company had a trading volume of 9,816,312 shares, compared to its average volume of 9,465,831. VNET Group has a 52 week low of $1.42 and a 52 week high of $16.13. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $2.95 billion, a P/E ratio of -5.17, a PEG ratio of 1.01 and a beta of 0.07. The business's 50-day moving average is $8.59 and its 200 day moving average is $5.28.

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Hedge Funds Weigh In On VNET Group

Several institutional investors and hedge funds have recently modified their holdings of VNET. Triata Capital Ltd purchased a new position in shares of VNET Group during the 4th quarter valued at $47,377,000. D. E. Shaw & Co. Inc. bought a new stake in VNET Group in the fourth quarter worth $7,183,000. Man Group plc bought a new stake in VNET Group in the fourth quarter worth $5,094,000. Bank of America Corp DE boosted its holdings in VNET Group by 610.2% in the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider's stock worth $5,682,000 after purchasing an additional 1,029,963 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in VNET Group by 622.8% in the fourth quarter. JPMorgan Chase & Co. now owns 989,402 shares of the information technology services provider's stock worth $4,690,000 after purchasing an additional 852,519 shares in the last quarter. 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.