VNET Group (NASDAQ:VNET) Shares Gap Up Following Analyst Upgrade

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s share price gapped up prior to trading on Friday after The Goldman Sachs Group upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $3.86, but opened at $4.04. The Goldman Sachs Group now has a $5.00 price target on the stock, up from their previous price target of $3.10. VNET Group shares last traded at $4.05, with a volume of 556,042 shares trading hands.

A number of other research analysts also recently commented on the stock. Citigroup assumed coverage on shares of VNET Group in a research report on Wednesday, September 4th. They issued a "buy" rating and a $4.00 price objective for the company. Hsbc Global Res raised shares of VNET Group to a "strong-buy" rating in a research report on Wednesday, October 9th. StockNews.com raised shares of VNET Group from a "sell" rating to a "hold" rating in a research report on Wednesday, August 21st. HSBC raised shares of VNET Group from a "hold" rating to a "buy" rating and set a $5.20 price objective for the company in a research report on Wednesday, October 9th. Finally, UBS Group lifted 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. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, VNET Group presently has an average rating of "Buy" and a consensus target price of $4.78.

Institutional Trading of VNET Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC boosted its holdings in shares of VNET Group by 89.1% during the 2nd quarter. Millennium Management LLC now owns 2,973,358 shares of the information technology services provider's stock worth $6,229,000 after buying an additional 1,400,683 shares during the period. Anson Funds Management LP boosted its holdings in shares of 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 buying an additional 206,580 shares during the period. GSA Capital Partners LLP boosted its holdings in shares of VNET Group by 24.8% during the 3rd quarter. GSA Capital Partners LLP now owns 369,231 shares of the information technology services provider's stock worth $1,506,000 after buying an additional 73,311 shares during the period. Geode Capital Management LLC raised its stake 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 worth $1,218,000 after purchasing an additional 210,124 shares in the last quarter. Finally, Inspire Investing LLC acquired a new stake in VNET Group in the 3rd quarter worth about $1,092,000. Institutional investors own 72.83% of the company's stock.

VNET Group Stock Up 0.5 %

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 firm's 50 day simple moving average is $3.69 and its two-hundred day simple moving average is $2.72.

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

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.