VNET Group (NASDAQ:VNET) Sees Unusually-High Trading Volume - Time to Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) saw an uptick in trading volume on Monday . 3,010,971 shares traded hands during mid-day trading, a decline of 42% from the previous session's volume of 5,192,339 shares.The stock last traded at $9.67 and had previously closed at $9.00.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. The Goldman Sachs Group upgraded VNET Group from a "neutral" rating to a "buy" rating and upped their target price for the stock from $3.10 to $5.00 in a report on Friday, November 29th. UBS Group upped their price target on VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a research note on Friday, November 29th. 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, the company has an average rating of "Buy" and an average target price of $4.78.

VNET Group Stock Performance

The stock has a market cap of $3.02 billion, a P/E ratio of -5.29, a PEG ratio of 0.78 and a beta of -0.18. The firm's 50-day moving average price is $5.89 and its 200-day moving average price is $4.09. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83.

Hedge Funds Weigh In On VNET Group

Large investors have recently modified their holdings of the stock. Marshall Wace LLP bought a new stake in VNET Group during the 4th quarter valued at $1,514,000. PEAK6 LLC acquired a new stake in shares of VNET Group in the fourth quarter valued at about $474,000. Jump Financial LLC acquired a new stake in VNET Group during the fourth quarter worth about $1,694,000. Barclays PLC lifted its holdings in shares of VNET Group by 229.3% in the 4th quarter. Barclays PLC now owns 7,093 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 4,939 shares during the last quarter. Finally, Quinn Opportunity Partners LLC purchased a new stake in VNET Group during the 4th quarter worth approximately $200,000. Institutional investors own 72.83% of the company's stock.

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.