VNET Group (NASDAQ:VNET) Sees Unusually-High Trading Volume - Here's What Happened

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) saw strong trading volume on Tuesday . 5,280,772 shares traded hands during trading, a decline of 18% from the previous session's volume of 6,457,287 shares.The stock last traded at $12.44 and had previously closed at $11.54.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. The Goldman Sachs Group raised shares of VNET Group from a "neutral" rating to a "buy" rating and increased their price target for the company from $3.10 to $5.00 in a research report on Friday, November 29th. 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 research report on Friday, November 29th. One research 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 stock. According to MarketBeat.com, VNET Group presently has an average rating of "Buy" and a consensus target price of $4.78.

VNET Group Stock Down 0.6 %

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's 50-day simple moving average is $6.95 and its 200-day simple moving average is $4.54. The company has a market capitalization of $3.76 billion, a PE ratio of -6.57, a price-to-earnings-growth ratio of 1.01 and a beta of -0.18.

Institutional Trading of VNET Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Barclays PLC lifted its stake in VNET Group by 229.3% during the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 4,939 shares during the period. Headlands Technologies LLC increased its holdings in shares of VNET Group by 5.7% during the 4th quarter. Headlands Technologies LLC now owns 144,499 shares of the information technology services provider's stock valued at $685,000 after purchasing an additional 7,737 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of VNET Group during the 4th quarter valued at approximately $41,000. Catalina Capital Group LLC purchased a new position in shares of VNET Group during the 4th quarter valued at approximately $54,000. Finally, Wolverine Trading LLC purchased a new position in shares of VNET Group during the 3rd quarter valued at approximately $46,000. 72.83% of the stock is currently 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.