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

VNET Group, Inc. (NASDAQ:VNET - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.71, but opened at $11.35. VNET Group shares last traded at $12.16, with a volume of 2,805,949 shares trading hands.

Analyst Ratings Changes

Several research firms have recently commented on VNET. Nomura Securities raised VNET Group to a "strong-buy" rating in a report on Friday, February 21st. UBS Group increased their price objective on VNET Group from $6.40 to $7.00 and gave the stock a "buy" rating in a report on Friday, November 29th. Finally, The Goldman Sachs Group raised 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 note on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, VNET Group has an average rating of "Buy" and an average price target of $4.78.

VNET Group Trading Down 5.0 %

The business has a 50 day simple moving average of $8.59 and a 200-day simple moving average of $5.28. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $2.95 billion, a P/E ratio of -5.17, a price-to-earnings-growth ratio of 1.01 and a beta of 0.07.

Institutional Investors Weigh In On VNET Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Triata Capital Ltd acquired a new stake in shares of VNET Group during the 4th quarter valued at $47,377,000. Millennium Management LLC increased its position in VNET Group by 3.4% during the fourth quarter. Millennium Management LLC now owns 5,578,371 shares of the information technology services provider's stock worth $26,441,000 after buying an additional 181,749 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in VNET Group by 4.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,145,529 shares of the information technology services provider's stock worth $10,170,000 after buying an additional 93,891 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new position in VNET Group during the fourth quarter worth $7,183,000. Finally, Bank of America Corp DE grew its position in shares of VNET Group by 610.2% in the fourth quarter. Bank of America Corp DE now owns 1,198,750 shares of the information technology services provider's stock valued at $5,682,000 after purchasing an additional 1,029,963 shares during the last quarter. Institutional investors and hedge funds own 72.83% of the company's stock.

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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.