VNET Group (NASDAQ:VNET) Shares Gap Up - Still a Buy?

VNET Group, Inc. (NASDAQ:VNET - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $13.04, but opened at $15.06. VNET Group shares last traded at $15.00, with a volume of 10,466,686 shares.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group upgraded shares of VNET Group from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $3.10 to $5.00 in a report on Friday, November 29th. 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 research report on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $4.78.

VNET Group Stock Down 0.6 %

The business has a 50 day moving average of $6.95 and a 200-day moving average of $4.56. 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 stock has a market cap of $3.76 billion, a PE ratio of -6.57, a P/E/G ratio of 1.01 and a beta of -0.18.

Institutional Trading of VNET Group

A number of hedge funds have recently added to or reduced their stakes in VNET. Barclays PLC lifted its position 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 worth $34,000 after acquiring an additional 4,939 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of VNET Group in the 4th quarter valued at approximately $41,000. Wolverine Trading LLC acquired a new stake in shares of VNET Group in the 3rd quarter valued at approximately $46,000. Catalina Capital Group LLC acquired a new stake in shares of VNET Group in the 4th quarter valued at approximately $54,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of VNET Group in the 4th quarter valued at approximately $66,000. 72.83% of the stock is owned by institutional investors and hedge funds.

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.