VNET Group (NASDAQ:VNET) Stock Rating Upgraded by The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of VNET Group (NASDAQ:VNET - Free Report) from a neutral rating to a buy rating in a research report report published on Friday, MarketBeat.com reports. The Goldman Sachs Group currently has $5.00 price target on the information technology services provider's stock, up from their prior price target of $3.10.

A number of other brokerages have also weighed in on VNET. Citigroup initiated coverage on VNET Group in a research report on Wednesday, September 4th. They set a "buy" rating and a $4.00 price objective for the company. Hsbc Global Res upgraded VNET Group to a "strong-buy" rating in a research report on Wednesday, October 9th. HSBC upgraded VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price target for the company in a research report on Wednesday, October 9th. UBS Group lifted their price target on VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a research report on Friday. Finally, StockNews.com upgraded VNET Group from a "sell" rating to a "hold" rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, VNET Group presently has a consensus rating of "Buy" and a consensus price target of $4.78.

VNET Group Price Performance

VNET stock traded up $0.02 during trading on Friday, reaching $3.88. The company's stock had a trading volume of 1,507,069 shares, compared to its average volume of 1,572,444. VNET Group has a 1 year low of $1.39 and a 1 year high of $4.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $998.70 million, a P/E ratio of -1.75 and a beta of -0.27. The company's fifty day moving average is $3.68 and its 200-day moving average is $2.71.

VNET Group (NASDAQ:VNET - Get Free Report) last issued its quarterly earnings results on Tuesday, August 27th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.05. VNET Group had a negative return on equity of 5.68% and a negative net margin of 28.54%. The business had revenue of $274.35 million during the quarter, compared to analyst estimates of $266.56 million. On average, research analysts expect that VNET Group will post -0.01 earnings per share for the current fiscal year.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC increased its holdings in VNET Group by 89.1% during the second quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider's stock valued at $6,229,000 after buying an additional 1,400,683 shares during the period. Inspire Investing LLC purchased a new position in VNET Group during the third quarter valued at approximately $1,092,000. Geode Capital Management LLC increased its holdings in VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock valued at $1,218,000 after buying an additional 210,124 shares during the period. Anson Funds Management LP grew its holdings in VNET Group by 84.9% in the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider's stock worth $1,836,000 after purchasing an additional 206,580 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in VNET Group in the third quarter worth $519,000. Institutional investors own 72.83% of the company's stock.

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.