VNET Group (NASDAQ:VNET) Sees Large Volume Increase - What's Next?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares saw an uptick in trading volume on Thursday . 1,590,958 shares traded hands during trading, a decline of 5% from the previous session's volume of 1,677,746 shares.The stock last traded at $5.07 and had previously closed at $4.74.

Analyst Ratings Changes

VNET has been the topic of a number of research reports. Hsbc Global Res raised VNET Group to a "strong-buy" rating in a report on Wednesday, October 9th. The Goldman Sachs Group raised shares of VNET Group from a "neutral" rating to a "buy" rating and raised their price target for the stock from $3.10 to $5.00 in a research report on Friday, November 29th. HSBC raised shares of VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective on the stock in a report on Wednesday, October 9th. Citigroup initiated coverage on shares of VNET Group in a report on Wednesday, September 4th. They set a "buy" rating and a $4.00 target price for the company. Finally, UBS Group upped their price target 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 research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $4.78.

VNET Group Trading Up 6.8 %

The company's 50-day moving average is $3.81 and its 200 day moving average is $3.05. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -2.28 and a beta of -0.19. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46.

Institutional Investors Weigh In On VNET Group

Institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its holdings in shares of 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 acquiring an additional 1,400,683 shares during the last quarter. Inspire Investing LLC acquired a new position in VNET Group in the 3rd quarter valued at $1,092,000. Geode Capital Management LLC lifted its holdings in VNET Group by 237.7% in the 3rd quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider's stock valued at $1,218,000 after purchasing an additional 210,124 shares in the last quarter. Anson Funds Management LP boosted its stake in VNET Group by 84.9% during the 3rd 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, JPMorgan Chase & Co. grew its holdings in shares of VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider's stock worth $558,000 after buying an additional 136,783 shares in the last quarter. Institutional investors and hedge funds 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.