VNET Group (NASDAQ:VNET) Sees Large Volume Increase - Time to Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) saw strong trading volume on Thursday . 2,881,808 shares traded hands during trading, a decline of 9% from the previous session's volume of 3,167,304 shares.The stock last traded at $9.46 and had previously closed at $9.85.

Analyst Ratings Changes

A number of research analysts recently commented on VNET shares. Citigroup boosted their price target on VNET Group from $16.10 to $20.00 and gave the stock a "buy" rating in a report on Friday, March 14th. StockNews.com downgraded shares of VNET Group from a "hold" rating to a "sell" rating in a report on Friday, March 14th. Nomura Securities raised shares of VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. Finally, UBS Group increased their price objective on shares of VNET Group from $6.40 to $7.00 and gave the company a "buy" rating in a report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $9.30.

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VNET Group Stock Up 2.4 %

The firm has a market cap of $2.30 billion, a P/E ratio of -4.02, a price-to-earnings-growth ratio of 1.01 and a beta of 0.07. The company's 50-day simple moving average is $9.67 and its 200 day simple moving average is $5.88. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

VNET Group (NASDAQ:VNET - Get Free Report) last released its earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.04). The company had revenue of $307.75 million for the quarter, compared to the consensus estimate of $284.88 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. Research analysts anticipate that VNET Group, Inc. will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On VNET Group

Large investors have recently made changes to their positions in the company. Triata Capital Ltd purchased a new stake in VNET Group in the 4th quarter worth about $47,377,000. Millennium Management LLC lifted its stake in shares of VNET Group by 3.4% during the 4th quarter. Millennium Management LLC now owns 5,578,371 shares of the information technology services provider's stock worth $26,441,000 after acquiring an additional 181,749 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in VNET Group by 4.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock valued at $10,170,000 after acquiring an additional 93,891 shares during the period. D. E. Shaw & Co. Inc. bought a new position in VNET Group in the 4th quarter valued at $7,183,000. Finally, Bank of America Corp DE increased its stake 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 during the period. 72.83% of the stock is 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.